Zimpapers Writer
PRESIDENT Mnangagwa has restructured the Ministry of Finance, Economic Development and Investment Promotion, separating the Treasury function from economic development and investment promotion.
Professor Mthuli Ncube was reassigned as Minister of Finance and businessman Dr Kudakwashe Tagwirei was appointed to head the newly separated Economic Development and Investment Promotion portfolio.
The changes, announced by Chief Secretary to the President and Cabinet Dr Martin Rushwaya on Thursday, take immediate effect.
In a statement, Dr Rushwaya said the President had exercised his powers in terms of Section 104(1) of the Constitution of Zimbabwe.
“In terms of Section 104, Subsection (1) of the Constitution of Zimbabwe, His Excellency the President, Dr Emmerson Dambudzo Mnangagwa has reassigned Hon Professor Mthuli Ncube as Minister of Finance.
“In terms of Section 104, Subsection (1) of the Constitution of Zimbabwe, His Excellency the President, Cde Dr Emmerson Dambudzo Mnangagwa has appointed Kudakwashe Tagwirei as Minister of Economic Development and Investment Promotion,” he said.
Prof Ncube retains responsibility for the Finance portfolio, including national budgeting, public finance management, resource mobilisation and macro-economic policy.
Dr Tagwirei will lead the Economic Development and Investment Promotion portfolio, with a focus on driving economic growth, attracting investment and strengthening productive sectors.
The restructuring comes as the Second Republic intensifies efforts to accelerate economic growth, attract domestic and foreign investment and support the productive sectors in pursuit of the country’s Vision 2030 targets.
The move also separates two broad but closely related functions that were previously housed under one ministry — Treasury and macro-economic management on one hand, and economic development and investment promotion on the other.
The new arrangement is expected to place greater focus on investment mobilisation and the implementation of economic development initiatives while allowing the Finance Ministry to concentrate on fiscal and macro-economic management.
