Morgan Tsvangirai’s house turned into Mutapa Investment Fund HQ

Late Movement for Democratic Change founder Morgan Tsvangirai’s house has been turned into Mutapa Investment Fund Headquarters, says ZANU PF Patriots.

Mutapa Investment Fund is a state-owned investment fund established from the balance of payment surpluses, official foreign currency operations, the proceeds of privatisation, government transfer payments, fiscal surpluses and resource earnings.

However, according to economic experts this organisation is free from parliamentary oversight.

In establishing the Fund, Mnangagwa removed it from the provisions of the country’s Public Procurement and Disposal of Public Assets Act.

This releases it from lengthy procurement procedures in the buying and selling of assets but also removes any need for transparency in making such transactions.

Apparently, the government says the Mutapa Investment Fund will serve national interest.

The concept of a sovereign wealth fund (SWF) is like a savings account but on a national level. It is a pool of money owned and managed by the government.

Revenues from natural resources or foreign exchange reserves typically fund it.

Zwnews