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Guilty Acts: ‘Forex Looters Seek Favours from Zanu PF’

Harare – As the deadline noose dangles over their guilty necks, certain individuals who externalised money made frantic efforts to gain sym...

Harare – As the deadline noose dangles over their guilty necks, certain individuals who externalised money made frantic efforts to gain sympathy with the ruling Zanu PF by offering to donate to the party’s special congress held in Harare recently, deputy Finance Minister Terrence Mukupe has revealed.

President Emmerson Mnangagwa last month issued a three-month moratorium for those who externalised funds and assets to bring them back into the country or face prosecution, creating panic among those on the list.

“People who externalised money are known, as the President has said before. Some people were making phone calls to try and donate things to the party. But we said we are sufficient,” Mukupe said.

Early this month an adviser to government on the Ease of Doing Business, Ashok Chakravarti told a Special Policy Dialogue Forum that $5 billion could have been siphoned out of the country since dollarisation in 2009.
Wicknell Chivayo is Under Scrutiny for Dubious Business Transactions 

Announcing the 2016 Monetary Policy Statement, Reserve Bank of Zimbabwe governor John Mangudya said $1,8 billion was externalised in 2015 alone.

Government, Mukupe said has an overdraft of about $1,5 billion, which has implications on business and the economy at large.

He said the issuance of Treasury Bills was unsustainable, adding that government was making corrective efforts to restore confidence in the market.

“If we fix the confidence issue there will be more and more money coming into banks,” Mukupe said.

The Finance deputy minister added after noticing a gap in the enactment of policies and projects, the new administration has put in motion a 100 days cyclical performance assessment, in a bid to push for implementation of various economic projects.

“There is going to be a real time assessment of performance to say what we have achieved after every 100 days. This means there will a situation whereby after about every 100 days there will be assessment,” he said.

Zimbabwe National Chamber of Commerce president, Divine Ndhlukula said businesses owed money by government and yet at the same time owing Zimbabwe Revenue Authority were advocating for set offs.

A recent academic study, conducted by Marko Kwaramba, senior lecturer at the University of Free State (SA); Nyasha Mahonye, senior lecturer at the University of Witwatersrand; and Leornard Mandishora, a researcher at the National Association of Non-Governmental Organisations, indicated that there was rampant misinvoicing, particularly for minerals such as diamonds, gold and nickel.

It concluded that in the 13-year period through 2013, export misinvoicing of diamonds – which experts say is often done for tax evasion and avoidance, money laundering, and quota avoidance – topped US$1,3 billion. - Online Sources

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