November 2016

Public Procurement Bill & Disposal of Public Assets - H.B. 5, 2016

Public procurement is the procedure through which public bodies such as government ministries, parastatals and local authorities acquire goods and services and construct or acquire buildings and other infrastructure. It usually entails tendering, calling for bids from suppliers and accepting the most favourable bid. In Zimbabwe public procurement is govemcd by the Procurement Act [Chapter 22:14] under which a body called the State Procurement Board conducts procurement on behalf of government entities.

BILL WATCH 49-2016

BILL WATCH 49/2016

[3rd November 2016]

Parliamentary Monitoring of Statutory Instruments


Two controversial statutory instruments have been published in the Gazette recently, both of which are likely to have far-reaching effects on the national economy and on the lives of ordinary people.  They are:

BILL WATCH 48-2016

BILL WATCH 48/2016

[1st November 2016]

Bond Notes Regulations made under Presidential Powers Act

Yesterday, Monday 31st October, the Government gazetted regulations intended to validate:

the controversial forthcoming issue of bond notes by the Reserve Bank, and

more than a little belatedly, the bond coins previously issued by the Reserve Bank and still in circulation; and

Public Finance Management Amendment Act, 2016

This important Act was gazetted as Act No. 6 of 2016 on 28th October 2016.  It came into operation the same day.

The Act makes major amendments to the Public Finance Management Act of  2009.  These amendments concern the interaction between responsible Ministries in central Government and its "public entities" (statutory bodies and Government-controlled companies) over which Ministries exercise oversight.  Stricter provision is made for —

Bond Notes - Minister of Finance Press Statement - 31 October 2016

This Press Statement by the Minister of Finance and Economic Development was issued to coincide with the gazetting of the Bond Notes Regulations - in full, the Presidential Powers (Temporary Measures) (Amendment of Reserve Bank of Zimbabwe Act and Issue of Bond Notes) Regulations, 2016, SI 133/2016. 

The Statutory Instrument is available at this link

SI 2016-133 - Bond Notes Regulations

The full title of these regulations is Presidential Powers (Temporary Measures) (Amendment of Reserve Bank of Zimbabwe Act and Issue of Bond Notes) Regulations, 2016.

The regulations were gazetted on Monday 31st October 2016 and came into force on that date. Unless repealed before then or replaced by an Act of Parlament, they will expire after 180 days from date of gazetting.