Zim resists IMF audit of Reserve Bank

The Reserve Bank of Zimbabwe (RBZ) is saddled with financial liabilities of more than US$1 billion, incurred during a period of looting and quasi-fiscal activities that propped up the Mugabe regime. The bank was given US$10 million this year to cover its operational costs but complained that the money was inadequate.

Finance Minister Tendai Biti is adamant that a forensic audit of the bank will be a pre-condition for any additional funding. Questions remain over how the US$1 billion in liabilities was incurred. Press reports abound that officials in several syndicates were able to transfer looted money into offshore accounts.