Mboweni clarifies funding for Sovereign Wealth Fund

Finance minister Tito Mboweni gestures as he arrives to deliver his budget speech at the parliament in Cape Town, South Africa, February 26, 2020. Picture: REUTERS / SUMAYA HISHAM

The creation of a sovereign wealth fund is a long-standing ANC resolution that has for years not been implemented. He said that, given the legal, administrative and procedural issues involved, a bill would be submitted during this parliament. In a media briefing ahead of his speech, Mboweni could not be drawn on the timeline for the establishment of the sovereign wealth fund.

In 2019, parliament passed legislation to allow for state-owned companies to apply for banking licences and the Post Bank was in the process of applying for one.

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