Gono wanted IMF funds to pay Zanu PF debts

Published: September 27, 2009

HARARE(ZimEye)Reserve Bank of Zimbabwe governor Gideon Gono planned to divert a huge chunk of an International Monetary Fund loan to pay back money diverted to president Robert Mugabe’s bloody re-election campaign last year, documents show.

According to proposals submitted by Gono to Finance Minister Tendai Biti recently, and seen by ZimEye, US$90 million of the $510 million availed to Zimbabwe (or 21.5%) would have been used to pay NGOs, exporters and banks whose funds were raided by Gono in June last year to prop up Mugabe’s bankrupt campaign.

Biti rejected the proposals.

The finance minister reportedly told Gono that any expenditure should first be approved by parliament through the normal budget process.

Gono has now launched a vicious media campaign against Biti, blowing up public funds on full-page adverts attacking the minister.

The matter has also been taken up by Zanu PF politicians, who normally say they do not need the IMF, but are now evidently upset about Biti’s move to prevent looting of the loan.

Gono is accused by the MDC of bringing down the Zimbabwean economy by financing Mugabe’s political campaigns. Corruption investigations are underway against the central bank governor whose money-printing to bail out Mugabe’s bankrupt regime drove inflation to astronomical proportions.

Faced with an election that he could not afford last year, Mugabe ordered Gono to loot foreign currency belonging to private organisations. The government has so far been unable to pay back the money. Gono’s latest proposals give a rare indication of the massive amounts looted, analysts said. (ZimEye, Zimbabwe)

4 Comments on "Gono wanted IMF funds to pay Zanu PF debts"

Sisi Ngwenya on Sun, 27th Sep 2009 3:42 am

In Jesus Name, I pray for Biti to be covered with the Blood of Jesus that no harm will befall him. I declare in Jesus Name that Biti will not die but will live to proclaim the good works of the Lord. If that 90musd is given to Gono we will be appreciating their atrocities of 2008. We would be saying yes Zanu PF did a wonderful job for killing innocent people. SO WE SAY NO THE IMF FUNDS TO PAY ZANU PF. I myself has spoken with God, that Zanu PF is nomore. I said it before, that Zanu PF and Mugabe will try all tricks and tactics but they will all come to zero. I ask God to continue giving Biti wisdom. And to Biti do not fear anyone, fear God only. That 90musd can improve on our children’s education, pay teachers and doctors and buy medicine and books for our children.

charlal on Sun, 27th Sep 2009 6:41 am

thank you honourable Biti for drawing the line between the state and Zanu pf.Their debt is not tantamount to government debt,so paying party debt using state funds is atrocious and should be condemned with the contempt it deserves.

Rob on Mon, 28th Sep 2009 1:04 pm

Life under Mugabe has certainly had its ups and downs, but I ask the question is the world ready for a Zimbabwe post Mugabe. More over is Zimbabwe really prepared for a world post Mugabe. There are so many things to consider and questions that remain unanswered that maybe we should really begin to seek out truths for some of the harder questions about how we will prepare ourselves to rebuild a shattered nation and who’s going to help us do it? Read more of my thoughts here: http://wp.me/pyq3l-3Q

Makwaz on Mon, 28th Sep 2009 1:13 pm

Due process and due diligence is the way to tackle these wise guys who think they are Gods gift to Zimbabwe. Let them masquarade as hard cores who are masters of all they survey. Time will surely show them that they are not so clever after all and at the end of the day the majority will win. Remember that your monopoly on violence will not always prevail. Thieves, murderers, usurpers and prostitutes the day of reckoning will come to pass. There will be no place to run, no place to hide, you who think that the people are of no account.

Gono wanted IMF funds to pay Zanu PF debts

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