{"id":102009,"date":"2024-12-17T23:09:05","date_gmt":"2024-12-17T21:09:05","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/biti-says-mutapa-fund-used-for-secretive-privatisation-of-parastatals"},"modified":"2024-12-18T01:16:55","modified_gmt":"2024-12-17T23:16:55","slug":"biti-says-mutapa-fund-used-for-secretive-privatisation-of-parastatals","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/biti-says-mutapa-fund-used-for-secretive-privatisation-of-parastatals","title":{"rendered":"Biti Says Mutapa Fund Used For Secretive Privatisation Of Parastatals"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Zimbabwe. <\/strong><\/span>Former Finance Minister Tendai Biti says the Mutapa Investment Fund (MIF), previously known as the Sovereign Wealth Fund of Zimbabwe, has been used to covertly privatize the country\u2019s most important parastatals.<\/p>\n<p>The MIF is a state-owned investment fund established to manage and invest surplus funds generated from Zimbabwe\u2019s natural resources.<\/p>\n<p>Created through the Sovereign Wealth Fund Act in 2014, it was renamed in 2023 via Statutory Instrument 156.<\/p>\n<p>The fund manages assets from various state-owned enterprises, including NetOne, National Railways of Zimbabwe, Air Zimbabwe, TelOne, and others.<\/p>\n<p>Biti criticized the \u201cprivatization\u201d of these parastatals, saying it was carried out without proper valuations or parliamentary oversight. Below are Biti\u2019s comments on the MIF:<\/p>\n<p>The Mutapa Fund has essentially been a back door privatization of 40 or so of the country\u2019s biggest and most important parastatals that include Hwange, NRZ, IDC and NetOne.<\/p>\n<p>The process was done without individual valuations of the different parastatals and parliamentary scrutiny.<\/p>\n<p>The Mutapa Fund now controls a huge chunk of the country\u2019s balance sheet and yet it is not accountable to Parliament or a line ministry.<\/p>\n<p>It is a huge Asset Management Fund, privately controlled, yet it houses State Assets. This kind of arbitrage and theft is a national threat.<\/p>\n<p>The repeal of section 22 of the Sovereign Wealth Fund Act which prevents the Mutapa Fund from securitising the shares of parastatals it now controls is proof of arbitrage on steroids.<\/p>\n<p>This regime has no limits, nor elasticity, no shame. The Mutapa Fund and those who control it are a national threat to the country\u2019s sovereignty.<\/p>\n<p>A country can\u2019t be run on the philosophy and polity of looting for the sake of looting. The class of 2017 is a cabal, a ruthless brood whose only interest is to loot Zimbabwe dry. Self-respecting decent wananchi should say NO.<\/p>\n<p><strong>For More News And Analysis About <span style=\"color: #ff6600\">Zimbabwe<\/span> Follow <span style=\"color: #ff6600\">Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Zimbabwe. Former Finance Minister Tendai Biti says the Mutapa Investment Fund (MIF), previously known as the Sovereign Wealth Fund of Zimbabwe, has been used to covertly privatize the country\u2019s most important parastatals. The MIF is a state-owned investment fund established to manage and invest surplus funds generated from Zimbabwe\u2019s natural resources. Created through [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":102008,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,12],"tags":[15336,16557,1164,19],"class_list":{"0":"post-102009","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-policy","9":"tag-mif","10":"tag-mutapa-investment-fund","11":"tag-tendai-biti","12":"tag-zimbabwe"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.1 (Yoast SEO v24.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Biti Says Mutapa Fund Used For Secretive Privatisation Of Parastatals - zimbabwe<\/title>\n<meta name=\"description\" content=\"Former Finance Minister Tendai Biti says the Mutapa Investment Fund (MIF), previously known as the Sovereign Wealth Fund ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/biti-says-mutapa-fund-used-for-secretive-privatisation-of-parastatals\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Biti Says Mutapa Fund Used For Secretive Privatisation Of Parastatals\" \/>\n<meta property=\"og:description\" content=\"Former Finance Minister Tendai Biti says the Mutapa Investment Fund (MIF), previously known as the Sovereign Wealth Fund ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/biti-says-mutapa-fund-used-for-secretive-privatisation-of-parastatals\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-17T21:09:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-17T23:16:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/12\/sm_1734464798.038151.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/biti-says-mutapa-fund-used-for-secretive-privatisation-of-parastatals\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/biti-says-mutapa-fund-used-for-secretive-privatisation-of-parastatals\",\"name\":\"Biti Says Mutapa Fund Used For Secretive Privatisation Of Parastatals - 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