19 October 2017
   
Russia: Mugabe students now hookers
2018 bait? MDC-T in Harare rates cut
Govt behaving like Smith regime: Chinoz
Cash woe: Teachers meet ‘liar RBZ boss’
Mujuru a vendor, says party spokesman
Maid, aided by cops, robs boss of $280k
Mudede staffer aides American fugitive
Thousands march over ‘Somalia’s 9/11'
MORE NEWS
Malawi bank invests $15m in Zim Barclays
Govt to slash budget deficit by half
MORE BUSINESS
Masiyiwa's Kwese TV enters Uganda
Vic Falls Carnival to bring in 2018
MORE SHOWBIZ
PSL: Dynamos held; off league summit
FC Platinum thump Shabanie; go top
MORE SPORTS
Napping dictator no Mandela match
Islamist attacks in Mozambique
MORE OPINION
 
US sleeper agents in Zim activated?
Gonda Interview: Succession underway
MORE COLUMNISTS
 
 
MPs say liar Zhuwao scared investors away, blame minister for failing to under his role
06/11/2016 00:00:00
by Staff Reporter
 
Failed? ... Indigenisation minister, Patrick Zhuwao
 
RELATED STORIES
Zhuwao, Lumumba in corrupt $20 000 deal
Students too much into politics: Zhuwao

YOUTH EMPOWERMENT minister, Patrick Zhuwao, has failed to interpret and “understand” the indigenisation law causing confusion and capital flight in the process, the Parliamentary Portfolio Committee on Youth, Indigenisation and Economic Empowerment has said.

The committee’s chairperson, Justice Wadyajena, on Friday told a pre-budget seminar in Bulawayo that the policy needed to be amended to clearly reflect President Robert Mugabe’s position.

Wadyajena said Zhuwao has “failed” to interpret and “understand” the legislation and has, as a result, “openly” contradicted finance minister, Patrick Chinamasa and Reserve Bank governor, John Mangudya, thereby causing confusion and capital flight.

“The Minister set unrealistic dates for compliance and went on to threaten the shutdown of companies that did not meet his deadline.

“Not only was this highly irresponsible, but it aided the scepticism of the investment community about the government’s seriousness on attracting meaningful investment,” said Wadyajena.

On the National Economic Empowerment Strategy (NEES), Wadyajena said it was a poorly designed strategy which was both overly ambitious and unrealistic.

“The creation of 2 million is not backed by a clear plan. The strategy does not go far enough in elucidating where these jobs will be created within the economy,” said Wadyajena.

On the Localised Empowerment Acceleration Facility (LEAF) Fund which is given major prominence within the strategy, Wadyajena said Zhuwao was lying when he said it failed to launch because of “unfulfilled commitment” by financial institutions.

“The truth around the LEAF fund is that banks lost confidence in the initiative due to perceived mismanagement of the fund, with monies not reaching the intended beneficiaries and the high default rate,” he said.

The committee recommended that the strategy needed revision so as to provide realistic and attainable goals.

“Zhuwao needs to anchor job creation around the country’s comparative advantage especially a high literate and skilled labour force relative to its peers,” said Wadyajena.

The committee also condemned corruption, saying the scourge needed to be eradicated including nepotism and looting perpetrated mostly by the politically connected individuals.



Advertisement

 

 

      
      

 


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark

 
 
 
comments powered by Disqus
 
RSS NewsTicker