1. The Republic of Zimbabwe through the Ministry of Finance and Economic Development (MOFED) (hereinafter the Recipient) will implement the Zimbabwe Recovery and Resilience Project (hereinafter the Project), with the involvement of the following Ministries: (a) the Ministry of Public Service, Labor and Social Welfare and (b) the Ministry of Local Government, Public Works and National Housing. The International Bank for Reconstruction and Development/International Development Association (hereinafter the Bank) has agreed to provide financing for the Project.

Government will introduce a number of derivatives and investments assets by the end of the first quarter, which will help soften pension funds’ skewed investments in the equities market and property sector. These entities’ investment in properties currently means their funds are tied down for near-term obligations.