The Enterprises and Parastatals ministry is in the process of drafting a State Enterprises Restructuring Agency (SERA) Bill to enforce transparency and discipline in the SEPs processes, an official has said.
Besides the Bill, the ministry has since launched a manual to be used as a key technical reference in the restructuring process with a view to implement the programme to macth international best practices.
In a speech read on his behalf by Public Works minister Joel Gabbuza, Enterprises and Parastatals minister Gorden Moyo said the crafting of a SEPs Management Bill would strengthen the sector’s institutional capacity resulting in entities performing effectively and efficiently.
“The government will also be required to empower the SEPs oversight body, which is the Ministry of State Enterprises and Parastatals through a SEP Management Bill so that it can effectively carry out its mandates,” Moyo said.
“These envisaged Acts shall also speed up the restructuring process for the economy to enjoy full benefits of restructuring by reducing restructuring-lag losses, among other encumbrances.”
He, however, said the unusual circumstances of the public entities in their restructuring arose from that they were faced with a number of legal, political and structural complexities that affected the pace at which they were restructured.
Moyo also said the ministry through SERA had produced a restructuring procedure manual with the aim of providing various stakeholders with the requisite information on the process and basis on which the implementation of the programme can be assessed, as well as to give investors the confidence to transact business with the government.
“The restructuring procedures manual shall not be a magic wand in the restructuring of SEPs, but is a means to the end in the restructuring process,” Moyo said.
“The restructuring manual is a compliment to all legislation and regulation that may be quoted in it. It shall be used as a guide and as a substitute to the commercial and other legislation in the Republic of Zimbabwe, which have an impact on the SEPs reform process.”