Their asset registers had missing information and undervalued assets.
“The country needs to resolve the issues as a matter of urgency because it is a matter of serious injustice and gross human rights abuse. The issue of pensions must be given the same importance as the Gukurahundi issues as it cuts across the entire spectrum of Zimbabwean life as there are millions of pensioners,” Biti said.
He noted that the world’s largest economies like China were funded by pension savings, hence Zimbabwe must follow suit if it is to develop as an economy.
“Pensions drive the economy because they represent forced savings. The World Bank and IMF [International Monetary Fund] literature will tell you that for a developing country such as Zimbabwe, we need a savings to gross domestic product investment of at least 29%,” the former Finance minister said.
“Regrettably, the authorities in Zimbabwe keep on implementing and executing macro-economic policies that lead to loss of value.”

Biti bemoaned the devastating effects of currency reforms, dollarisation and de-dollarisation as well as preceding statutory instruments that were enacted.
“We have hardly had any gross capital formation in Zimbabwe since the 1960s. You cannot have gross capital formation without pensions. It is in the government’s best interest to resolve the issue because it contributes to economic development, gross capital formation, moreso in a situation when we have arrears with the World Bank, African Development Bank, The Paris Club of Lenders, and we cannot access the huge amounts of grants and cheap money that we need for our roads, energy and infrastructure,” he said.

Commenting on whether Ipec had powers to control the insurance industry to guarantee that there will not be future loss of value and unfair practices, Muradzikawa said they had powers to do certain things, but were inadequate.
“We have three Bills before Parliament, Ipec Bill being one of them, but the reviews are long overdue as the processes of legislation are very long. We need an Act of Parliament to deal with compensation issues,” she said.
Coming to the issue of the viability of pensions and medical insurance in Zimbabwe, all panellists agreed that pensions and insurance were still relevant as people need to prepare for the inevitable.
However, insurance companies should remodel their products to suit turbulent economic scenarios.
“Hyperinflation or no hyperinflation, we need to manage risk. Insurance is managing risk. The best option is to look at product development. We need to redesign the product so that it suits the environment,” Muradzikwa said.
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