Mutapa Investment Fund

Last updated
Mutapa Investment Fund
Company type Government owned
Industry Diversified investments
Founded2020
Headquarters,
Area served
Zimbabwe
Key people
Revenuenot disclosed
not disclosed
not disclosed
Total assets $97.5 million (2015 [1] )
Owner Government of Zimbabwe
Number of employees
not disclosed yet
Parent Finance Ministry

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). [2] 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. [3] 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. [4] It manages 20 parastatal entities. [5]

Contents

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. [2]

Controversies

There is a lot of outcry among people from various groups[ who? ] concerning the renaming and restructuring of Mutapa Investment Fund. [6] These people includes journalists, tribal extremist and politicians.

Entities Managed

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References

  1. "Sovereign Wealth Fund of Zimbabwe (Mutapa Investment Fund) - Sovereign Wealth Fund, Zimbabwe - SWFI". www.swfinstitute.org.
  2. 1 2 Independent, The Zimbabwe. "Sovereign Wealth Fund - Zimbabwe Independent". The Zimbabwe Independent. Retrieved 2023-10-01.
  3. Mutowekuziva, Tracy. "Is Zim ready for Sovereign Wealth Fund?". The Zimbabwe Independent. Retrieved 2023-10-01.
  4. 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.
  5. 1 2 "New Mutapa fund takes over shares in 20 entities". The Herald. Retrieved 2023-10-01.
  6. Muzulu, Paidamoyo. "Mutapa Fund: The looting machine". NewsDay.