IMF visit spells bad news for Zimbabwe`s central bank

source: SW Radio Africa
by Irene Madongo
25 October 2010

The visit this week of officials from the International Monetary Fund (IMF) to Zimbabwe spells bad news for the Reserve Bank of Zimbabwe and government officials hostile to transparency, an economic analyst has stated.

It’s been reported that the six-member IMF team will meet a number of senior government officials, including Finance Minister Tendai Biti and Reserve Bank of Zimbabwe (RBZ) governor Gideon Gono. The team will examine the state of the economy under its Article IV provision, which requires it to visit member countries, collect information and discuss economic developments and policies.
On Monday, economic analyst Masimba Kuchera said: “To most of the people who have a lot of things to hide, and mainly people in ZANU PF, it is bad news. Some of the advice of the IMF is how to tighten controls on the fiscus, taxes and monetary authority. For the RBZ and ZANU PF I don’t think it will be good news.”

The IMF has been highly critical of the RBZ and has even called for an audit of the institution, a move ZANU PF has strongly resisted. Following another visit this year, the IMF said serious governance problems have remained at the RBZ, stating that accounting and internal controls are weak, and there was no [continue reading]

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