HARARE– Service provision by most local institutions in Zimbabwe is still archaic and needs to improve if the country is sincere that it is open for business, says the peaker of the National
Assembly, Jacob Mudenda.
Zimbabwe has experienced a massive decline in foreign direct investment (FDI) over the past decade because of adverse media reports from some Western countries riled by the agrarian reforms that the country implemented in 2000.
However, since assuming office in November last year, President Emerson Mnangagwa has preached the message that Zimbabwe is open for business and has promised swift reforms in the economy to lure investors.
One of the biggest changes made so far was scraping the indigenization law and making it only applicable to investments made in platinum and diamond mining. President Mnangagwa has said Zimbabwe was ready to welcome any investor willing to set up shop in the country.
Despite that positive message, Mabvuku Member of Parliament James Maridadi complained in the national Assembly Tuesday that most legislators were being frustrated by stringent demands made by banks for them to open an account into which Constituency Development Funds could be deposited.
Mr Speaker, all the honourable MPs in this house can vouch for me, there is not a single one of these MPs who was able to open a bank account within five working days. This is one area which the Ministry of Finance and those that are in authority must really look at, he said.
Mudenda promised to engage Reserve Bank of Zimbabwe Governor John Mangudya over the matter.
Source: NAM NEWS NETWORK
