Mutapa_Investment_Fund

Mutapa Investment Fund

Mutapa Investment Fund

Sovereign wealth fund in Zimbabwe

Mutapa Investment Fund, formerly known as the Sovereign Wealth Fund of Zimbabwe is a Zimbabwean sovereign wealth fund formulated by the Sovereign Wealth Fund Act (Chapter 22:20).[3] It was renamed after the re-election of Emmerson Dambudzo Mnangagwa as the president of Zimbabwe, doing so by using Statutory Instrument 156 of 2023.[4] It is a state-owned investment fund established from the balance of payment surpluses, official foreign currency operations, the proceeds of privatisation, government transfer payments, fiscal surpluses and resource earnings.[5] It manages 20 parastatal entities.[6]

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History

In 2013, the parliament of Zimbabwe drafted the Sovereign Wealth Fund Bill. It was then passed and the SWFZ come into existence in 2014.[3]

Controversies

There is a lot of outcry among people from various groups[who?] concerning the renaming and restructuring of Mutapa Investment Fund.[7] These people includes journalists, tribal extremist and politicians.

Entities Managed

References

  1. [1]
    "New board for Sovereign Wealth Fund". The Herald.
  2. [2]
    "Sovereign Wealth Fund of Zimbabwe (Mutapa Investment Fund) - Sovereign Wealth Fund, Zimbabwe - SWFI". www.swfinstitute.org.
  3. [3]
    Independent, The Zimbabwe. "Sovereign Wealth Fund - Zimbabwe Independent". The Zimbabwe Independent. Retrieved 2023-10-01.
  4. [4]
    Mutowekuziva, Tracy. "Is Zim ready for Sovereign Wealth Fund?". The Zimbabwe Independent. Retrieved 2023-10-01.
  5. [5]
    Host-Madsen, Poul (July 1962). "Asymmetries between Balance of Payments Surpluses and Deficits". Staff Papers - International Monetary Fund. 9 (2): 182. doi:10.2307/3866114. ISSN 0020-8027.
  6. [6]
    "New Mutapa fund takes over shares in 20 entities". The Herald. Retrieved 2023-10-01.
  7. [7]
    Muzulu, Paidamoyo. "Mutapa Fund: The looting machine". NewsDay.
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