Bulawayo — THE Privatisation Agency of Zimbabwe (PAZ) has earmarked four Government-owned entities for restructuring this year, a senior official said yesterday.

PAZ public relations and marketing executive, Miss Priscillah Mapuranga told Business Chronicle in an interview at the Zimbabwe International Trade Fair, that organisations targeted were National Railways of Zimbabwe (NRZ), Air Zimbabwe, Ziscosteel and Zimbabwe Electricity Supply Authority Holdings.

"We have since shifted our focus to the restructuring of State-owned companies which is in tandem with Government's economic policy thrust and this does not automatically mean that privatisation has been discarded completely," said Miss Mapuranga.

She added that Zesa had since embarked on a restructuring exercise, following the unbundling of the parastatal.

The country's power utility was recently unbundled into five subsidiary companies , which are PowerTel, Zimbabwe Electricity Transmission Company, Zimbabwe Electricity Distribution Company, Zesa Enterprises and Zimbabwe Power Company.

"On Air Zimbabwe, the PAZ has embarked on a restructuring programme that will result in the airline engaging a strategic paofrtner to ensure availability of additional resources for recapitalisation and re-equipment to expand its regional and international route network," she said.

The NRZ would be recapitalised through capital injection and other initiatives such as private sector participation while a similar exercise would be implemented on Ziscosteel where a strategic partner was being sought following Government approval to restructure the company.

Miss Mapuranga dispelled fears that the PAZ was no longer functional saying the organisation was still in existence and would continue to play a leading role in the indigenisation of the country's economy.

"PAZ is presently working on the establishment of a regulatory policy framework which is a key component to the success of the restructuring programme which seeks to ensure balance and protection for all stakeholders," she said.

The PAZ is a quasi-Government agency that was created to expedite privatisation of State owned enterprises.

Proceeds earned from the process have in the past been earmarked to retire the country's domestic debt, clearing of external arrears and also as a revolving fund for informal sector development.