26.09.2014 - Zimbabwe: Senate rejects Mugabe as trustee of Sovereign Wealth Fund
Senate passed the Sovereign Wealth Fund (SWF) of Zimbabwe Bill with some Senators demanding the removal of a clause which said President Robert Mugabe should be a trustee of the fund. The Bill, which creates a fund to be set aside for use during crises, was brought before Senate by Finance deputy minister Samuel Undenge. According to Undenge, other African countries like Angola and Botswana already had a SWF from their natural resources like diamonds, which they would fall back on to pay for pension obligations, provide capital injections in the event of crises or to ensure that future generations benefitted from the extraction of finite resources...............................................Full Article: Source
Print