09.12.2015 - Zim not yet ready for Sovereign Wealth Fund
Secretary in the Office of President and Cabinet, Ambassador Stuart Combabach says Zimbabwe’s Sovereign Wealth Fund is ill-timed because the country has no surplus resources to invest in the fund. The Act setting up the SWF was assented to by President Mugabe on November 6, 2014 and legislation was officially gazetted on June 26, this year. The SWF board was put together on the first of July this year. Ambassador Combabach said while the concept of a sovereign wealth fund for Zimbabwe was welcome and endorsed, there are question marks over the wisdom and practicality of launching it at this point. He said, since a SWF functions or is funded on the basis of budget surplus and or trade surplus, Zimbabwe has not been able to attain such a situation for a long time...............................................Full Article: Source
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