Govt to fast-track privatisation of NetOne, POSB and TelOne

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By Alois Vinga

THE government will fast track the privatisation of the Post Office Savings Bank as well as telecom firms NetOne and TelOne in a move aimed at raising funds for the administration.

Finance minister Mthuli Ncube confirmed the plans as he launched his Transitional Stabilisation Program (TSP) in Harare last Friday

Briefing the media, Ncube said that TSP will outline measures that will be taken to address institutional reforms to achieve growth and development.

There shall be strict budget and expenditure controls, focus on improving service delivery in public enterprises and the eradication of rent seeking behaviour.

“As a result, we will be fast-tracking the privatization of TelOne, POSB and NetOne and this must be done within the next six months,” he said.

“Information on the offer will be publicly advertised both locally and globally in order to attract the best investors who bring the right technology and make sure that Foreign Direct Investment flows into the country.”

He also noted that the country’s financial sector will be developed through carrying out legislative reforms that will see access to capital for Small to Medium Enterprises improving.

The two-year economic programme also aims at improving ‘ease-of-doing-business’ by reducing the number of licences needed for one to run a business.

Currently a total of 23 licences are required while most countries in the region only have less than ten.

Ncube noted that government will soon resolve payment backlogs owed to airlines that have since abandoned the Harare route in a bid to improve tourism due to its foreign currency-earning potential.

Among the measures, restrictive Visa requirements shall be also be scrapped to improve arrivals into the country.