Business / Economy
Zimbabwe to unveil a Sovereign Wealth Fund
27 Sep 2013 at 16:47hrs | Views
Government is expected to unveil a Sovereign Wealth Fund aimed at raising capital from internal resources to sustain economic requirements.
The establishment of the fund is also expected to solve dependence on funding from regional and international financiers at a time the government is focusing on generating capital from local resources.
The Permanent Secretary in the Ministry of Finance, Mr Willard Manungo, told reporters on the sidelines of a consultative workshop on the Zimbabwe Programme for Socio-Economic Transformation (ZIMPSET) in Harare on Friday that the proposed fund is important in increasing production.
"This facility is critical and we hope it will unlock more capital," said Manungo.
The Chief Secretary to the President and Cabinet, Dr Misheck Sibanda, says government has committed itself to raise funding towards the consolidation of macro-economic gains.
"The Sovereign Wealth Fund has an advantage of boosting economic activities," he said.
The fund seeks to use local resources as collateral on offshore loans and is being mooted by government after the realisation that the Medium Term Plan crafted during the inclusive government era failed to attain its goals.
The establishment of the fund is also expected to solve dependence on funding from regional and international financiers at a time the government is focusing on generating capital from local resources.
The Permanent Secretary in the Ministry of Finance, Mr Willard Manungo, told reporters on the sidelines of a consultative workshop on the Zimbabwe Programme for Socio-Economic Transformation (ZIMPSET) in Harare on Friday that the proposed fund is important in increasing production.
"This facility is critical and we hope it will unlock more capital," said Manungo.
The Chief Secretary to the President and Cabinet, Dr Misheck Sibanda, says government has committed itself to raise funding towards the consolidation of macro-economic gains.
"The Sovereign Wealth Fund has an advantage of boosting economic activities," he said.
The fund seeks to use local resources as collateral on offshore loans and is being mooted by government after the realisation that the Medium Term Plan crafted during the inclusive government era failed to attain its goals.
Source - zbc
