The Zimbabwe Coalition on Debt and Development (ZIMCODD) has urged the government not to partially privatise the People’s Own Savings Bank (POSB) saying this entails surrendering power to private interest over the people of Zimbabwe.

ZIMCODD maintains that privatising POSB which is wholly owned by the government is not in the interest of the people of Zimbabwe.

Apparently, the process for the partial privatisation of the bank started in 2018 with the setting up of a technical committee to spearhead and prepare the groundwork.

This was after the government announced its parastatal reform agenda, which included the outright sell and partial privatisation of some of the State-owned entities.

Over the years parastatals have been draining the national fiscus.

POSB had been hoping to have found interested and capable investors by the end of February this year.


Read statement below: