Zimbabwe looking to start a wealth fund
Struggling Zim is considering its options in accessing cash, says Deputy Finance Minister Terence Mukupe
Zimbabwe, a heavily indebted country whose economy halved between 2000 and 2013, is having difficulty accessing cash. According to Terence Mukupe, the country's Deputy Finance Minister, after elections in July, Zimbabwe may start a sovereign wealth fund or at least issue an export-related bond. The value of the wealth fund is estimated to be around $3.5 billion.
“Post-election, we should be able to put in place a sovereign wealth fund or an export-related bond and we think we should be able to raise between $2.5 billion and $3.5 billion anchored on trade receivables.”
Mukupe added that the bonds will be repaid in annual installments of between $140 million and $150 million.