Zimbabwe will part-privatise or sell 35 state-owned companies and close at least two others as President Emmerson Mnangagwa seeks to revive the economy and cut government spending. Since taking over from Robert Mugabe in November, Mnangagwa has sought to end almost two decades of economic decline and reduce a debt burden of at least $11bn that it owes to lenders such as the African Development Bank. He told ministers in January that they must prove the viability of businesses under their control ahead of a comprehensive reform of state assets. The southern African nation’s postal service, known as Zimpost, landline operator TelOne Corporation and 17 mines are among businesses that will be subject to "partial privatisation,’’ Finance Minister Patrick Chinamasa told reporters in the capital, Harare, on Friday. Some may be listed on the Zimbabwe Stock Exchange, he said. At least two state-owned companies, one a glass-maker and one that wasn’t specified, will be liquidated, Chinamasa ad...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.