Cabinet gives green light to sovereign wealth fund
01 July 2020 | Economics
Cabinet has approved, in principle, the establishment of a national sovereign wealth fund.
A sovereign wealth fund is a state-owned investment fund or entity that comprises of pools of money derived from a country's reserves. The funds are set aside for investment to benefit the country's economy and its citizens.
Information minister Peya Mushelenga said in a statement that cabinet has directed the finance ministry to constitute an interinstitutional team to finalise the appropriate model and implementation of the sovereign wealth fund for consideration and approval.
Cabinet further authorised the labour minister to table the International Labour Organisation (ILO) Convention on Decent Work for Domestic Workers, 2011 (No. 189) and the ILO Convention on the Elimination of Violence and Harassment in the World of Work, 2019 (No. 190) in the National Assembly (NA) for ratification.
It also authorised the finance ministry to table the annual report of the Development Bank of Namibia for the year 2018/19.
In addition, cabinet in principle approved the Anti-Corruption Amendment Bill 2020 and referred it to the Cabinet Committee on Legislation for scrutiny, before its tabling.