26.06.2014 - Zimbabwe: Delay setting up sovereign fund: IMF
The International Monetary Fund is recommending that Government delays the introduction of the Sovereign Wealth Fund saying it will add more fiscal stress to already strained accounts as the institution warned that fiscal under-performance remains the highest risk facing the economy. In the full Article IV Concluding Statement seen by this paper, the IMF directors recommended delaying the introduction of the Sovereign Wealth Fund. “Although such a mechanism might be helpful over the medium term, the present situation of fiscal stress requires that the Government avoid imposing on itself new administrative and managerial challenges. The mission encourages the authorities to re-examine the fiscal regime for extractive industries before launching any SWF.”..............................................Full Article: Source
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