By: Justicia Shipena
Finance Minister Ipumbu Shiimi announced that legislation for managing the Welwitschia Sovereign Wealth Fund will soon be presented to parliament.
This statement was made in response to questions from parliament member Jennifer Van den Heever regarding the fund’s oversight and administration.
Shiimi revealed that the cabinet approved the law a few weeks ago, and it is currently in the drafting process. “Once the drafting is complete, it will come to parliament,” he stated.
He clarified that while the Bank of Namibia is responsible for managing the fund, the Ministry of Finance is tasked with developing and approving the investment policy for the fund.
“The Bank of Namibia is only responsible for operationalising the investment policy, not supervising the fund,” Shiimi explained.
Comments