Govt cuts financial support to parastatals

Government( Zimbabwe) has cut financial support to some parastatals as part of the efforts to deal with pressures on the fiscus and to force rapid formulation and implementation of turnaround strategies by the State-owned entities, sources have said. While the actual number of the affected companies could not be ascertained, the Ministry of Finance and Economic Development has already communicated that position.

Finance and Economic Development Minister Patrick Chinamasa said it was time to put under those parastatals who were not performing well, and we should learn from the successful experience of Asian tigers economies which include China, Singapore, Hong Kong and South Korea to let the state-owned entities play a better role.