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Harare - Zimbabwe’s Finance Minister Patrick Chinamasa on Thursday presented what he called a policy-based budget as the fiscal space remains limited.
He said government was going to work towards clarity on policies including the indigenisation law which, he said, will have clarity “like never before”.
Chinamasa said government is working on escalating local participation in terms of ownership and management.
“Indigenisation laws are here to stay and there will be no amendments,” he said.
He said resource-based investments like mining will have the 51%/49%, ratio with Zimbabwe’s contribution being the resource that is being mined.
He also urged Zimplats, Unki and Mimosa to complete the agreements they signed with the empowerment ministry.
However, for other sectors where the enterprise does not benefit from natural resources and raw materials the 51% is not available for free, said Chinamasa.
Companies will also be allowed to choose their own partners as long as this is done during the agreed period, he said.
Chinamasa said locals will have to decide how and when they can finance their indigenisation stakes.
This means banks like Standard Bank’s Stanbic, Old Mutual’s MBCA and CABS and other foreign companies will not cede 51% ownership to indigenous Zimbabweans for free.
To build confidence in the economy, he said the use of the multicurrency system including the rand and and US dollar will continue.
He said government was going to work towards clarity on policies including the indigenisation law which, he said, will have clarity “like never before”.
Chinamasa said government is working on escalating local participation in terms of ownership and management.
“Indigenisation laws are here to stay and there will be no amendments,” he said.
He said resource-based investments like mining will have the 51%/49%, ratio with Zimbabwe’s contribution being the resource that is being mined.
He also urged Zimplats, Unki and Mimosa to complete the agreements they signed with the empowerment ministry.
However, for other sectors where the enterprise does not benefit from natural resources and raw materials the 51% is not available for free, said Chinamasa.
Companies will also be allowed to choose their own partners as long as this is done during the agreed period, he said.
Chinamasa said locals will have to decide how and when they can finance their indigenisation stakes.
This means banks like Standard Bank’s Stanbic, Old Mutual’s MBCA and CABS and other foreign companies will not cede 51% ownership to indigenous Zimbabweans for free.
To build confidence in the economy, he said the use of the multicurrency system including the rand and and US dollar will continue.
