IMF cash used for infrastructure: Biti

HARARE - Finance minister Tendai Biti has rejected President Robert Mugabe’s accusations that he misused a $500 million Special Drawing Rights (SDR) fund from the International Monetary Fund (IMF).

Biti strenuously rejected Mugabe’s accusations that he abused the funds, accessed under a $250 billion global agreement to bolster the reserves of the IMF’s 186-member countries in the wake of the worldwide financial crisis.

IMF withheld another $102 million of Zimbabwe’s allocation by placing it in “escrow” until the country had cleared its $140 million debt with the world lender.

“When we got the money from the IMF, we saw it fit to use the money for infrastructure development,” Biti told the Daily News.

“That created jobs and at the same time alleviated the suffering of our people regarding transport.

“It was better because it helped our people but still that is not what that fund was meant for. It is meant to act as a buffer for countries with low foreign currency reserves,” he said.

Biti, who is also the secretary-general of Prime Minister Morgan Tsvangirai’s MDC, said part of the IMF cash was allocated to industry through banks and this had infuriated Mugabe.

“Old people must revel in telling the truth,” Biti said.

“They wanted to loot the fund and give it to their cronies. They were used to just taking like broiler chickens that feed like there is no tomorrow. The idea behind allocating the money through banks was to stop Mugabe from parcelling the money to his friends and relatives. And we are happy if you see them frothing at the mouth and shouting it means we were successful. At least the money served a Zimbabwean purpose not the individual as had been the norm. It went too industry, infrastructure and that is what Zimbabweans are looking for.”

While addressing his party supporters at a rally in Chitungwiza, Mugabe accused Biti of abusing the SDF funds.

“We had half a billion dollars from special drawing rights but we do not know what he (minister Biti) used it for,” Mugabe said.

“No money went to Bulawayo including Gweru, Mutare and Harare which came later. We also want to boost agriculture and mining.”

A fuming Biti said Mugabe should account for diamond money before he asks for IMF funds, which he said were put to good use. Mugabe should tell Zimbabweans where the diamond money is,” Biti said.

“Where is the $2 billion from diamond sales? We have received almost nothing while a minister who earns as little as $800 buys a $30 million bank.

“That is the money we should be using to fund the electoral process. Now that they cannot account for a single cent, they want to blame the MDC. It is the height of hypocrisy,” said Biti.

“Mugabe and his Zanu PF thugs are used to looting. Before we joined government they could do anything and I mean anything. They had turned into the proverbial looting committee and stole for the sake of stealing without remorse.

“He would have been patting me at the back had I channelled the money to procuring military hardware. When it comes to power, Mugabe and his ministers become aware of everything around them even in cabinet, but dose off when it comes to developmental issues,” added Biti.

Comments (6)

Leave that old cruel dying monster he has run out functioning brains he is too old forgive him( Bob)&his cronies have been looting for 33years they still want to loot money from IMF they are heartless 31july should mark the end of that looting culture &her cultureless small little slut always on shopping sprees in Malaysia&Egypt Ooh his friend was ousted by the Egyptian masses

son of soil - 19 July 2013

Who frothes at the mouth...honestly WHO? You cant even hear the budget speech and eat at the same time. Just get some medical attention will you...you know yourself!

Gandanga - 19 July 2013

Mugabe is the biggest liar we have ever had. A murderer who killed Tongo and all those who would have blocked his rise and now he wants to die there! Give him the boot to retirement. H e only thinks of murder, and nothing developmental. Just look at the Harare-Beitbridge road which has become a death trap for many. He doesnt care. Look at our hospitals! oh! sorry he goes to Singapre even over a cough! silly old vimipre! your time is over!

Lolo - 19 July 2013

Mr Mbiti has failed to account for SDF how can you say "It went to industry, infrastructure and that is what Zimbabweans are looking for" Mbiti cannot site company or infrastructure as an example to practically show where the money. i cant stand with MDC

Tenda Mbiti - 20 July 2013

U cannot stand mdc yet u have endured 33-years of rubbish? How ironic. “Where is the $2 billion from diamond sales? We have received almost nothing while a minister who earns as little as $800 buys a $30 million bank.

obama4eva - 20 July 2013

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