31 January 2014

Zimbabwe: Minister Chinamasa Tables SWF Bill

Finance Minister Patrick Chinamasa yesterday tabled the Sovereign Wealth Fund of Zimbabwe Bill in the National Assembly. The Bill seeks to establish a fund administered by a board whose objective is to secure investments for the benefit and enjoyment of future generations.

The Bill was read for the first time and National Assembly speaker, Cde Jacob Mudenda, referred it to the Parliamentary Legal Committee which scrutinises all proposed legislation to ensure it is consistent with the Constitution.

The Bill intends to support Government's long-term economic and social development objectives. It supports fiscal/macro-economic stabilisation and supplements revenues when these are prejudiced by fluctuation of prices payable of minerals for the benefit of the Consolidated Revenue Fund.

Meanwhile, members of the National Assembly yesterday called for reparations for environmental damage done by foreign businesses.

They said this during debate on a motion introduced by non-constituency National Assembly representative, Cde Annastancia Ndlovu (Zanu-PF), who presented a report of the Conference of Parties of the United Nations Framework Convention on Climate Change.

The conference was in November 2013 in Poland.

Buhera West representative Cde Oliver Mandipaka (Zanu-PF) said there was need to capacitate traditional leaders on environmental protection.

"There is also need to look at our school syllabus so that teachers can impart knowledge to pupils on environment preservation," he said.

Hatfield MP Mr Tapiwa Mashakada (MDC-T) said Zimbabwe should legislate against carbon emissions.

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