11 January 2014

Zimbabwe: Sovereign Wealth Fund Bill Gazetted

GOVERNMENT has gazetted the Sovereign Wealth Fund of Zimbabwe Bill and the Biological and Toxin Weapons Crimes Bill and these are set to be tabled in Parliament soon for debate.

This comes as President Mugabe has published names of Cabinet ministers, deputy ministers and permanent secretaries and their ministries and portfolios in the Government Gazette.

The announcement, being done in terms of the Constitution, is meant to give legal effect to the heads of Government ministries appointed by the Head of State and Government and Commander-in-Chief of the Zimbabwe Defence Forces after he secured an overwhelming victory in the July 31 2013 harmonised elections.

The Sovereign Wealth Fund of Zimbabwe Bill seeks to establish a fund to be administered by a board whose objective is to secure investments for the benefit and enjoyment of future generations of Zimbabweans.

The Biological and Toxin Weapons Crimes Bill seeks to prohibit the development, production, manufacture, possession, stockpiling, acquisition, importation, exportation and use of certain biological agents and toxins and of biological weapons.

This is consistent with the United Nations Convention on the Prohibition of the Development, Production and Stockpiling of Bacteriological and Toxin Weapons and on their destruction signed on April 10, 1972 to which Zimbabwe is a signatory.

The two Bills were contained in a Government Gazette published yesterday.

The Sovereign Wealth Fund of Zimbabwe's objective is also meant to support the development objectives of the Government, including its long- term economic and social development.

In terms of Clause 4 of the Bill, it is also meant to support fiscal or macro-economic stabilisation, in particular to supplement the revenues of Zimbabwe when these are prejudiced by the fluctuation of prices payable for those minerals on which royalties and other taxes are collected for the benefit of the Consolidated Revenue Fund.

Clause 5 of the Bill provides for the establishment of the institution's Board that would be led by a chairperson, chief executive and 16 board members drawn from various ministries.

Ownership of the fund is vested in the republic of Zimbabwe with the President acting as the trustee and patron.

Clause 9 makes provision for the board to appoint investment managers, either as employees of the board or as independent contractors.

It is required, in terms of Clause 12 to submit annual reports to Parliament through the minister responsible for its administration.

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