IMF to meet local bankers, auditors

Godfrey Marawanyika

THE International Monetary Fund (IMF) Article IV consultation team which arrived in the country last week is set to meet directors of eight local banks to discuss the prospects of their i

nstitutions and systems.


The team is also set to meet with auditors PriceWaterhouseCoopers Zimbabwe.


The meeting with the auditors is meant to familiarise the fund with issues of disclosure and transparency in the financial sector.


The six-member delegation, led by Sharmini Coorey, also comprises Paul

Heytens (coordinator), Michael Andrews (banking expert), Sonia Munoz, Jennifer Mbabazi-Moyo and Sanket Mohapatra.


According to their internal schedule, the team will meet with Stanbic managing director Pindie Nyandoro and Barclays managing director Charity Jinya and their respective credit risk directors.


Coorey’s team is expected to meet with Ben Chikwanha, the managing director of Interfin Merchant Bank, Sam Malaba of the Agricultural Development Bank, and Washington Matsaira of Standard Chartered Bank.


The team is also set to meet with Jewel Bank boss Nyasha Makuvise, Zimbabwe Allied Banking Group head Stephen Gwasira and Metropolitan Bank head Ben Washaya.


Article IV consultations are held by the fund with each member country.

Zimbabwe has been in arrears with the IMF since February 2001.


As of February 15 this year, the country’s debt amounted to Special Drawing Rights 202 million (US$306 million) or about 57% of its IMF quota.


The delegation is also expected to meet with the Bankers Association of Zimbabwe to discuss prospects for the industry as a whole.


So far the delegation has met with the secretary for Finance William Manungo and Andrew Bvumbe, secretary for Economic Development.


The team has also met with the central bank to discuss monetary policy issues and the exchange rate, capital markets and concessional lending.


The delegation, which is expected to be in the country until Friday next week, is also set to meet with the Confederation of Zimbabwe Industries, the MDC, the Zimbabwe Congress of Trade Unions, the Zimbabwe Stock Exchange and the Central Statistical Office.


The team will also have a meeting with the President’s Office to discuss land reform, anti-corruption and anti-monopolies.

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