Chapter 22:20
Sovereign Wealth Fund of Zimbabwe Act
10/2013
(vii) platinum
(viii) such other mineral that may be specified for the purposes of Chapter VII of the Finance
Act [Chapter 22:04];
as are collected by the Zimbabwe Revenue Authority and specified in the Finance Act
[Chapter 22:04] to be payable into the Fund; and
(b) such portion (to be specified in the Finance Act [Chapter 22:04]) not exceeding one quarter
of the “special dividend” on the sales of diamonds, coal bed methane gas, granite and other
extractable minerals by or on behalf of the Minerals Marketing Corporation of Zimbabwe that
is payable by the Corporation to the Consolidated Revenue Fund pursuant to section 33 of the
Zimbabwe Mining Development Corporation Act [Chapter 21:08]; and
(c) any moneys appropriated by Act of Parliament as an advance or grant to the Fund to—
(i) help promote the objects of the Fund; or
(ii)
to supplement the salaries and allowances of members or employees of the Board or
the recurrent administrative expenses of the Fund insofar as these cannot be adequately
met in any financial year from the moneys of the Fund;
and
(d) the profits and proceeds of the investments of the Fund; and
(e) any moneys received by the Fund under any contract of insurance effected by the Board; and
(f) such other moneys as may vest in or accrue to the Fund, whether in the course of its operations
or otherwise.
(2) The Board shall apply its Fund to the fulfilment of the objects of the Fund.
(3) Moneys of the Fund not immediately required by the Board to fulfil the Fund’s objects may be
invested in such a manner as the Board, with the approval of the Minister and the Minister responsible
for finance considers appropriate.
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Segregated accounts of Fund
(1) The Board may, with the approval of the Minister given subject to any directions the President
may give the Minister, segregate any portion of the moneys of the Fund into one or more of the
following separate accounts, to be styled “Sub-Funds” (each of which shall be treated as “statutory
funds” for the purposes of the Public Finance Management Act [Chapter22:19 ] (No. 11 of 2009), and
in respect of the audit, accounting for and reporting of which for the purposes of sections 23 and 24 the
Board shall follow such instructions as the Accountant-General may give in relation thereto) —
(a) a General Investment Sub-Fund, to facilitate the achievement of the Fund’s object referred to
in section 4(a), which itself may be divided into separate portfolios distinguished by the type
of investment; and
(b) an Infrastructure Development Sub-Fund, to facilitate the achievement of the Fund’s object
referred to in section 4(b) with respect to infrastructure development; and
(c) a Stabilisation Sub-Fund, to facilitate the achievement of the Fund’s object referred to in
section 4(c); and
(d) such other sub-Funds as the Board considers expedient to establish for the purpose of
achieving the objects of the Fund or fulfilling the functions of the Board.
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