The World Bank is discussing with government on the disbursement of the money raised under a fund to support the economic blue-print, the Zimbabwe Agenda for Sustainable Socio-Economic Transformation (Zim Asset).
BY VICTORIA MTOMBA
The World Bank and several partners have so far mobilised US$44 million under the Zimbabwe Reconstruction Fund (Zimref) to support the economic plan.
World Bank senior country economist Johannes Herderschee said the bank was working with government on a number of strategies for policy formulation.
“We are consulting with the donors on the fund. We are discussing with the minister of Finance. The total is US$44 million,” Herderschee said.
The fund is expected to rise up to US$100 million from donors this year in a development expected to stimulate investment in the country.
Zimref will be implemented over a period of five years (2014-2019) and is a successor to the Zimbabwe Analytical-Multi Donor Trust Fund (A-MDTF).
The fund is expected to expand World Bank support to investment projects and to channel some finances directly to government.
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Donors that are contributing to the Zimref include the European Union, the United Kingdom, Germany, Norway, Denmark and Sweden and the World Bank State and the Peace Building Fund.
The A-MDTF that was established in 2008 ended in 2014 with over US$22 million having been spent on policy assistance, technical assistance, information systems and analytical studies that have helped to strengthen dialogue with the government through the multi-fund.
Finance minister Patrick Chinamasa said the fund would provide flexibility for him to tackle some urgent reform measures that include parastatals reform in which he would use US$15 million from the fund this year to carry out an audit.
Chinamasa said the audit would help him to know the numbers in parastatals and enable him avoid witch-hunting.
He said the fund would enable government to audit parastatals and local authorities. The minister pointed out that strategic parastatals would be audited first followed by less strategic ones.