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of Assembly approves 2006 National Budget
December 16, 2005
No. 2 Bill and Appropriation (2006) Bill which seeks to give effect
to next year's national budget by providing for the withdrawal of
$124 trillion from the Consolidated Revenue Fund sailed through
the House of Assembly yesterday without amendments.
the approval by the House on Wednesday of estimates of expenditure
of the 2006 budget for 27 Government ministries and departments.
The two Bills
will now be referred to the Senate and in respect to money Bills,
the Upper House cannot amend anything but can only make recommendations.
The Lower House
yesterday also passed the Zimbabwe Development Bank Amendment Bill
which seeks to transform the bank into the Infrastructure Development
Bank of Zimbabwe, without amendments.
In his seconding
reading speech, the Deputy Minister of Finance, Cde David Chapfika,
told the House that under the proposed law the share capital of
the bank would be increased from $50 million to $15 trillion.
The bank, he
said, would embrace a broader scope in terms of infrastructural
development in the various sectors of the economy that include agriculture,
health, aviation and irrigation.
The Bill seeks
to alter the composition of the bank's directors from the present
11 to between 12 and 15 directors.
will be appointed, as at present, by the shareholders according
to the size of their shareholding, but the majority of the directors
should be non-executive.
Section 8 of
the Bill will insert a new clause in the principal Act that will
change the title of the bank's managing director to chief executive.
The chief executive
will be appointed by the shareholders on a five-year term but will
be eligible for the re-appointment and subject to supervision by
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