Zimbabwe

Altana, Daniel; Kojo, Naoko C.

Zimbabwe

Autores

Altana, Daniel

Kojo, Naoko C.

Editor

World Bank, Washington, DC

Descripción

This paper reviews the performance of the parastatal sector, with a specific focus on four main parastatals: the Zimbabwe Electricity Supply Authority (ZESA); the Zimbabwe Water Authority (ZINWA); the National Oil Company of Zimbabwe (NOCZIM); and the Grain Marketing Board (GMB). These parastatals are selected on the basis of their quasi-fiscal dependency and strategic importance to the economy. The specific objective of this paper is to identify the important factors behind their eroding profitability as observed in their financial statements, and make some preliminary thoughts about the way forward. This paper was prepared based on the data provided to a World Bank team, supplemented by information collected through interviews with the representatives of parastatals, the RBZ, the Ministry of Finance, line ministries and the private sector in November 2007. The statistics presented in this paper should be interpreted with extreme caution. As prices are heavily distorted in the presence of extremely high inflation and pervasive price controls, analysis of quasi-fiscal data and parastatals’ financial performance has posed a significant challenge to the team. While every possible effort was made to address such distortions, analysis largely based on annual data cannot possibly capture a fully accurate picture, and should therefore be taken with caution.

Palabras clave

TARIFFS, MONETARY POLICY, DEFICIT, HOLDING, REGULATORY FRAMEWORK, LIABILITY, LAND REFORM, EQUIPMENT, DEPOSITS, REAL INTEREST RATES, STOCK, DEBTORS, FOREIGN EXCHANGE MARKET, INTEREST, RATE OF RETURN, GUARANTEES, INTEREST RATE, OPTION, EXCHANGE, LIQUIDITY, REAL INTEREST, BLACK MARKET, INFRASTRUCTURE DEVELOPMENT, EXPORTERS, REVENUES, FINANCIAL STATEMENTS, CREDIT RECORD, MACROECONOMIC CONDITIONS, LOAN, DISCOUNT, TAX, STOCK DATA, RESERVE, CENTRAL BANKS, BENEFICIARIES, CREDITORS, INFLATION, PENSION, INSTRUMENTS, ENABLING ENVIRONMENT, BUDGET, CENTRAL BANK, LONG-TERM DEBT, AGRICULTURAL COMMODITIES, CURRENCY, GOVERNMENT POLICY, DISBURSEMENT, RESERVE BANK, ACCESS TO FINANCING, DEBTS, EXCHANGE RATES, TRADING, INTEREST RATES, CASH PAYMENT, DOMESTIC BANKS, FINANCIAL INSTITUTIONS, MARKETS, DEBT, RETURN, FINANCIAL FLOWS, EXCESS LIQUIDITY, DOMESTIC DEBT, ECONOMIC POLICIES, LOANS, INTEREST COST, RETURN ON ASSETS, FINANCE, FOREIGN CURRENCY, DOMESTIC BANK, MARKET PRICE, TAXES, FISCAL DEFICIT, PROFIT MARGIN, EXPENDITURE, INVESTORS, MACROECONOMIC INSTABILITY, REGULATORY FRAMEWORKS, GOVERNMENT GRANTS, GOOD, COMMERCIAL CREDIT, GOVERNMENT INTERVENTIONS, MARKET CONDITIONS, BANKING CRISIS, TURNOVER, MARKET PRICES, CASH PAYMENTS, LOAN OBLIGATIONS, CAPACITY CONSTRAINTS, SHORT-TERM DEBT, LEGAL AUTHORITY, OUTSTANDING DOMESTIC DEBT, CONCESSIONARY RATE, WORKING CAPITAL, CONTRACT, FINANCIAL PERFORMANCE, PROPERTY, SHARES, OPPORTUNITY COSTS, IMPLICIT SUBSIDY, BALANCE SHEET, MARKET, FOREIGN EXCHANGE, LIQUIDITY PROBLEM, LOCAL CURRENCY, FOREIGN LOANS, FOREIGN LOAN, TREASURY, MARKET INTEREST RATES, LEVY, CREDIT RISK, DISCOUNT RATES, HOLDINGS, INSURANCE, OVERHEAD COSTS, OPEN MARKET, GOODS, SECURITY, BANK LOANS, INTEREST ARREARS, INVESTMENT, BANKING CORPORATION, COMMERCIAL BANKS, SHARE, CONTRACTUAL OBLIGATION, BALANCE SHEETS, POVERTY, TARIFF, PRIVATE INVESTORS, REVENUE, MONEY MARKET, EXTERNAL DEBT, PROFIT, LEVIES, INVESTMENT INCOME, CONSUMER PRICE INDEX, LENDING, INVESTMENT INCOMES, EXCHANGE RATE, INSTRUMENT, DEBT REDEMPTION, ARBITRAGE, PUBLIC SPENDING, PROFITS, OUTSTANDING LOANS, LIABILITIES, ARREARS, MARKET LEVEL, CASH FLOW