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Working Paper

Zimbabwe : A Preliminary Review of Parastatals

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
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World Bank, Washington, DC
Africa | Zimbabwe
2015-08-17T15:30:48Z | 2015-08-17T15:30:48Z | 2008-02

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.

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