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Mutapa Investment Fund

From Wikipedia, the free encyclopedia
Mutapa Investment Fund
Company typeGovernment owned
IndustryDiversified investments
Founded2020
Headquarters,
Area served
Zimbabwe
Key people
Revenuenot disclosed
not disclosed
not disclosed
Total assets$16 billion (2024 [1])
OwnerGovernment of Zimbabwe
Number of employees
not disclosed yet
ParentFinance 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]

History

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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

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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

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  1. ^ www.sundaymail.co.zw https://www.sundaymail.co.zw/mutapa-assets-valued-at-us16bn. {{cite web}}: Missing or empty |title= (help)
  2. ^ a b 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): 182–201. doi:10.2307/3866114. ISSN 0020-8027. JSTOR 3866114.
  5. ^ a b "New Mutapa fund takes over shares in 20 entities". The Herald. Retrieved 2023-10-01.
  6. ^ Muzulu, Paidamoyo. "Mutapa Fund: The looting machine". NewsDay.