13 February 2018

Zimbabwe: RBZ Told to Publicize Externalized Funds

Photo: Jerry Chifamba/allAfrica
Reserve Bank of Zimbabwe.

Zimbabwe Coalition on Debt and Development (ZIMCODD) has urged the Reserve Bank Zimbabwe (RBZ) to publicize the total amount of externalized funds and assets recovered since President Emmerson Mnangagwa announced a three-month amnesty window for the return of public funds illegally stashed abroad by individuals and companies.

"The compliance of corporate and individuals to the Policy Note on Presidential Amnesty on externalized funds and assets as reported in the Monitory Police Statement is indeed welcome.

"However, to ensure transparency and accountability, the RBZ should publicize the total amount of funds and assets recovered while indicating how the recovered money is being utilized or going to be utilized to resuscitate the economy.

"The Government is intensifying the re-engagement process with the international community in trying to resolve external arrears owed to the International Financial Institutions (IFFs) in order to unlock offshore credit lines at 'affordable interest rates.

"ZIMCODD continues to call for an official debt audit both domestic and external to establish the legitimacy of debts owed by Zimbabwe," they said.

They called for responsible borrowing as enshrined in the constitution of Zimbabwe saying the lenders must exercise responsible lending informed by the social and economic needs of the citizens

"As ZMCODD we are calling for responsible borrowing as enshrined in the constitution and the lenders must exercise responsible lending informed by the social and economic needs of the citizens.

"As long as the country is entangled in an international debt which is contracted only on the lender's terms, sustainable development will remain a dream for the Zimbabwean citizens," they said.

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