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Cabinet approves Bill

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Cabinet has approved the principle of the State Enterprises and Management Bill paving the way for establishment of the Enterprises Restructuring Agency, an agency that will be in charge of restructuring ailing parastatals.

Speaking at the Parliamentary Portfolio Committee on State Enterprises and Parastatals, State Enterprises and Parastatals minister Gorden Moyo yesterday said several parastatals would restructure in order to turn around the economy.

He said the ministry was also working on a corporate governance framework, performance monitoring and legislative and regulatory review.

“The proposed Bill seeks to provide for the duties and responsibilities of the minister responsible for State enterprises and parastatals and to cordify the corporate governance framework among other matters,” said Moyo.

He said the restructuring of State enterprises and parastatals was progressing slowly.

The government has identified 10 State parastatals for restructuring. These include ZiscoSteel, Noczim, Agribank, Zimbabwe Power Company, Grain Marketing Board, Cold Storage Conmpany, Civil Aviation of Zimbabwe, Air Zimbabwe, Allied Timbers and Sedco.

“If we are able to attend to these 10 we will be able to turn around the country’s economy,” Moyo said. He said the government hopes to have covered much ground by the end of the year.

Moyo said the roll-out of corporate governance framework to State enterprises and parastatals would be done next month and would be facilitated by PriceWaterhouseCoopers in partnership with the Institute of Directors of Zimbabwe.

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