Government To Sell Shares In Loss Making Parastatals: Minister Mukupe

Deputy Minister of Finance Terence Mukupe has revealed that the government is selling shares in eight parastatals including, Air Zimbabwe and Zesa, in order to close the growing budget deficit. According to an October 2017 report from the office of the president and cabinet (OPC) the government of Zimbabwe either partly or wholly owns 92 companies, most of which are struggling and have been making losses for years. Some of the reasons cited for the inability to make profits include mismanagement, high operating costs and old equipment.

Some of the parastatal where the government is seeking to decrease its shareholding include Zesa Holdings, Air Zimbabwe, National Railways of Zimbabwe (NRZ), ZB Holdings, Agribank and Zimre Holdings.

Speaking to Reuters, Mukupe said :

We are diluting our shareholding in those entities and our shareholding might go to zero percent in some entities

More: New Zimbabwe

 

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