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House of Assembly approves 2006 National Budget
The Herald (Zimbabwe)
December 16, 2005

THE Finance 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.

This followed 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.

The 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 the board.

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