via Sovereign Wealth Fund board members named | The Herald July 4, 2015
Finance and Economic Development Minister Patrick Chinamasa has appointed the first five members of the Sovereign Wealth Fund board. The board is chaired by former Reserve Bank Governor Dr Kombo Moyana, who will be deputised by prominent lawyer and Zimbabwe Stock Exchange board member Ms Vimbayi Nyemba.
Other members of the board are Mr Nicholas Vingirayi, who is the chairman of Transnational Holdings and former president of the Association of Building Societies of Zimbabwe and ZimTrade chief executive Ms Sithembile Pilime.
Former RBZ deputy governor Mr Nicholas Ncube also sits on the same board.
In a statement yesterday, the Office of the Chief Secretary to the President and Cabinet said an additional four members would be appointed in due course.
“At a meeting convened and chaired by Dr Misheck Sibanda, Chief Secretary to the President and Cabinet on the afternoon of July 01, 2015, the board, of the Sovereign Wealth Fund of Zimbabwe was formally constituted and given a detailed outline of its mandate,” read part of the statement.
“His Excellency, President R. G. Mugabe, signed the Sovereign Wealth Fund of Zimbabwe Act into law on 06 November, 2014.”
After that, a committee chaired by Dr Sibanda was set to pave way towards the operationalisation of the Sovereign Wealth Fund.
Other members of the committee include secretary for Finance and Economic Development William Manungo and Reserve Bank of Zimbabwe governor Dr John Mangudya.
The establishment of a Sovereign Wealth Fund was identified as one of the financing mechanism necessary to ensure a more effective implementation of Zim-Asset.
COMMENTS
And where are the “sovereign” funds coming from? How can a country unable to provide reliable electricity to its citizens and businesses; to pay its own civil service on time; or to settle it’s outstanding debts to international lending institutions so that it can access new credit; how can a country like this have any extra money to invest in the future? Mugabe and ZANU-PF don’t care about the country’s future, they only care about themselves and the present. If any money flows into this fund, my guess is that it will only serve as an investment vehicle for ZANU-PF bigwigs to increase their own wealth. It will be just like the diamonds, a “national resource,” that has never benefitted the nation.
precisely-where is the money from the ‘Aids levy’, the ‘carbon tax’ They will try to finance the fund from taxes and it will flow out the other end to ‘investments’ eg Malaysian houses and foreign holidays
“Soverign weath”??? Huh?
When Zim is one of 3 countries that cannot repay the IMF? The others being equal basket cases like Afghanistan and Somalia. Soon to be joined by Greece!
There is no bloody “sovereign” and there is certainly no bloody “wealth”
Zim is for sure a nation high on LSD!