Published: 31 January 2014

Finance Minister Patrick Chinamasa yesterday tabled the Sovereign Wealth Fund of Zimbabwe Bill in the National Assembly.

The Bill seeks to establish a fund administered by a board whose objective is to secure investments for the benefit and enjoyment of future generations.

The Bill was read for the first time and National Assembly speaker, Jacob Mudenda, referred it to the Parliamentary Legal Committee which scrutinises all proposed legislation to ensure it is consistent with the Constitution.

The Bill intends to support Government's long-term economic and social development objectives.

It supports fiscal/macro-economic stabilisation and supplements revenues when these are prejudiced by fluctuation of prices payable of minerals for the benefit of the Consolidated Revenue Fund.

Meanwhile, members of the National Assembly yesterday called for reparations for environmental damage done by foreign businesses.
- herald

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