{"id":83546,"date":"2023-09-24T22:29:08","date_gmt":"2023-09-24T20:29:08","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/president-mnangagwa-rename-sovereign-wealth-fund-as-mutapa-investment-fund"},"modified":"2023-09-25T02:03:27","modified_gmt":"2023-09-25T00:03:27","slug":"president-mnangagwa-rename-sovereign-wealth-fund-as-mutapa-investment-fund","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/president-mnangagwa-rename-sovereign-wealth-fund-as-mutapa-investment-fund","title":{"rendered":"President Mnangagwa Rename Sovereign Wealth Fund As Mutapa Investment Fund"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>President Emmerson Mnangagwa has used the Presidential Powers (Temporary Measures Act) to rename the Sovereign Wealth Fund of Zimbabwe as the Mutapa Investment Fund (MIF).<\/p>\n

He also transferred the shareholding of 20 state-owned companies to the renamed Mutapa Investment Fund (MIF). The Vesting of Shares of these Companies in the Mutapa Investment Fund was stated under the Fourth Schedule (Section 14 (4)). The companies are:<\/p>\n

\u2013 Defold Mine (Private) Limited \u2013 Reg. No. 6030\/2015<\/p>\n

\u2013 Zimbabwe United Passenger Company Limited \u2013 Reg. No. 504\/1980<\/p>\n

\u2013 Kuvimba Mining House (Private) Limited \u2013 Reg. No. 13291\/2020<\/p>\n

\u2013 Silo Investments (Private) Limited \u2013 Reg. No. 3460\/1992<\/p>\n

\u2013 National Oil Company of Zimbabwe (Private) Limited \u2013 Reg. No. 531\/1983<\/p>\n

\u2013 Cold Storage Commission Limited \u2013 Reg. No. 716\/1995<\/p>\n

\u2013 Petrotrade (Private) Limited \u2013 Reg. No. 5608\/2010<\/p>\n

\u2013 POSB \u2013 People\u2019s Own Savings Bank<\/p>\n

\u2013 NetOne Cellular (Private) Limited \u2013 Reg. No. 2225\/2000<\/p>\n

\u2013 National Railways Holding Zimbabwe \u2013 Reg. No. 10057\/1998<\/p>\n

\u2013 Tel-One Private Limited \u2013 Reg. No. 4658\/2000<\/p>\n

\u2013 Arda Seeds (Private) Limited \u2013 Reg. No. 21896\/2007<\/p>\n

\u2013 Zimbabwe Power Company (Private) Limited \u2013 Reg. No. 6951\/1996<\/p>\n

\u2013 Powertel Communications (Private) Limited \u2013 Reg. No. 5818\/1999<\/p>\n

\u2013 Allied Timbers (Private) Limited \u2013 Reg. No. 3964\/2000<\/p>\n

\u2013 Telecel Zimbabwe (Private) Limited \u2013 Reg. No. 360\/1995<\/p>\n

\u2013 Air Zimbabwe Private Limited \u2013 Reg. No. 10852\/1997<\/p>\n

\u2013 Industrial Development Corporation of Zimbabwe<\/p>\n

\u2013 Cottco Holdings Limited \u2013 Reg. No. 20924\/2008<\/p>\n

\u2013 AFC Limited \u2013 Reg. No. 3339\/2021<\/p>\n

\u2013 Hwange Colliery Company Limited \u2013 Reg. No. 381\/1954<\/p>\n

\u2013 National Railways of Zimbabwe (Private) Limited \u2013 Reg. No. 10057\/1998<\/p>\n

The Sovereign Wealth Fund of Zimbabwe is a financial entity established by the government of Zimbabwe to manage and invest surplus funds generated from the country\u2019s natural resources, such as minerals and commodities. Its primary objective is to preserve and grow national wealth for the benefit of current and future generations. The fund is designed to diversify Zimbabwe\u2019s economy, promote sustainable development, and provide a buffer for economic shocks. It typically invests in a range of assets, including stocks, bonds, real estate, and infrastructure projects, both domestically and internationally.<\/p>\n

The Sovereign Wealth Fund of Zimbabwe has been renamed the Mutapa Investment Fund through substantial amendments to the relevant Act. Key features include the allocation of funds towards fulfilling the Fund\u2019s objectives and the ability to invest surplus funds. Shares held by the government in listed companies will become part of the Fund\u2019s initial capital. The Fund is authorized to transfer various funds in and out of Zimbabwe. However, tax obligations must be fulfilled before any transfers take place. In exceptional cases of financial difficulties, the Reserve Bank of Zimbabwe may impose temporary restrictions on Fund-related payments or transfers on a fair and non-discriminatory basis.<\/p>\n

The Mutapa Investment Fund (MIF) has controversial privileges, including the ability to move foreign currency out of Zimbabwe, raising concerns about transparency and accountability. Critics argue that President Mnangagwa bypassed parliamentary powers and failed to involve necessary debate. They also highlight the government\u2019s lack of understanding regarding the role of a sovereign wealth fund in diversifying the economy. Concerns exist about the profitability of state-owned enterprises transferred to the MIF and the need for economic reforms. The government\u2019s use of statutory instruments without parliamentary involvement is criticized for undermining democratic processes and transparency.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. President Emmerson Mnangagwa has used the Presidential Powers (Temporary Measures Act) to rename the Sovereign Wealth Fund of Zimbabwe as the Mutapa Investment Fund (MIF). He also transferred the shareholding of 20 state-owned companies to the renamed Mutapa Investment Fund (MIF). The Vesting of Shares of these Companies in the Mutapa Investment […]<\/p>\n","protected":false},"author":84,"featured_media":83545,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,12],"tags":[1493,2189,34,15241,11411,19],"class_list":{"0":"post-83546","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-policy","9":"tag-africa-press","10":"tag-africa-press-zimbabwe-2","11":"tag-emmerson-mnangagwa","12":"tag-mutapa-investment-fund-mif","13":"tag-sovereign-wealth-fund-of-zimbabwe","14":"tag-zimbabwe"},"yoast_head":"\nPresident Mnangagwa Rename Sovereign Wealth Fund As Mutapa Investment Fund - zimbabwe<\/title>\n<meta name=\"description\" content=\"President Emmerson Mnangagwa has used the Presidential Powers (Temporary Measures Act) to rename the Sovereign Wealth Fu ...\" \/>\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\/president-mnangagwa-rename-sovereign-wealth-fund-as-mutapa-investment-fund\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"President Mnangagwa Rename Sovereign Wealth Fund As Mutapa Investment Fund\" \/>\n<meta property=\"og:description\" content=\"President Emmerson Mnangagwa has used the Presidential Powers (Temporary Measures Act) to rename the Sovereign Wealth Fu ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/president-mnangagwa-rename-sovereign-wealth-fund-as-mutapa-investment-fund\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-24T20:29:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-25T00:03:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/09\/sm_1695583671.075687.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"402\" \/>\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=\"3 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\/president-mnangagwa-rename-sovereign-wealth-fund-as-mutapa-investment-fund\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/president-mnangagwa-rename-sovereign-wealth-fund-as-mutapa-investment-fund\",\"name\":\"President Mnangagwa Rename Sovereign Wealth Fund As Mutapa Investment Fund - 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