During a pre-budget seminar in Bulawayo, Parliamentary Portfolio Committee on Youth, Indigenisation and Economic Empowerment chairperson, Justice Mayor Wadyajena said Youth Empowerment Minister ,Patrick Zhuwao, has failed to interpret and “understand” the indigenisation law causing confusion and capital flight in the process.
On the National Economic Empowerment Strategy (NEES), Wadyajena said it was a poorly designed strategy which was both overly ambitious and unrealistic,
The creation of 2 million is not backed by a clear plan. The strategy does not go far enough in elucidating where these jobs will be created within the economy.
On the Localised Empowerment Acceleration Facility (LEAF) Fund which is given major prominence within the strategy, Wadyajena said Zhuwao was lying when he said it failed to launch because of “unfulfilled commitment” by financial institutions. He said,
The truth around the LEAF fund is that banks lost confidence in the initiative due to perceived mismanagement of the fund, with monies not reaching the intended beneficiaries and the high default rate.