The Parliamentary Portfolio Committee on Finance and Economic Development will tomorrow begin hearings on two Bills, including the one which will pave the way for the introduction of the bond notes.
BY BUSINESS REPORTER
The bond notes roll into the market today.
The hearings, which run up to December 3, will also discuss the Public Procurement and Disposal of Public Assets Bill meant to revamp procurement in government, government departments, parastatals and local authorities.
It is the Reserve Bank of Zimbabwe Amendment Bill which is likely to generate lots of interest, as calls to abandon the introduction of the bond notes are getting louder.
The bond notes will be introduced under a $200 million export incentive facility guaranteed by the African Export-Import Bank.
Under the facility, exporters will get an incentive of 5% and the bond notes will be at par with the United States dollar.
This has raised fears that government wants to return the local currency, which was decommissioned last year.
- Chamisa under fire over US$120K donation
- Mavhunga puts DeMbare into Chibuku quarterfinals
- Pension funds bet on Cabora Bassa oilfields
- Councils defy govt fire tender directive
Keep Reading
Although President Robert Mugabe early this month decreed that bond notes should be used, the regulations are valid for six months.
The decree triggered a number of court cases that questioned the legality of the move.
Last week, Finance minister Patrick Chinamasa wanted to fast-track the Bill in Parliament, but later abandoned the plan allowing the hearings to take place.
The Public Procurement and Disposal of Public Assets Bill will transform the State Procurement Board (SPB) into an authority responsible for setting standards and guidelines, as well as performing a monitoring and evaluation role over procurement.
The SPB will no longer be reviewing tenders. An executive review before the awarding of the tender would be done by a team involving the Accountant-General, Auditor-General, Attorney-General and a representative from Public Works.
Procurement management units and personnel will be licensed. If they stray off course, the licences would be revoked.
