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Parliamentarians told to guard Special Drawing Rights funds

by Bustop TV News

By Sukuoluhle Ndlovu

The Parliamentarians of Zimbabwe have been urged to guard against the misuse and abuse of Special Drawing Funds (SDR).

This came out in a virtual breakfast meeting that was held by Zimbabwe Coalition on Debt and Development on Transparency and Accountability in the use of SDR funds.

This comes after the IMF disbursed SDR funds worth US$1billion to Zimbabwe to help in economic recovery and the fight against Covid -19.

ZIMCODD noted a few recommendations that should be taken to make sure that SDR funds are utilised in the best way and benefit all citizens in the country.

In the ZIMCODD outcome statement issues yesterday, ZIMCODD stated that it is the oversight role for citizens to guard against funds.

“Accountability and transparency are key, the Parliament must effectively exercise its oversight role as mandated by Section 298 of Zimbabwe’s Constitution and guard against any possible abuse and misuse of the SDR Funds. The Parliament Portfolio Committee on Budget, Finance and Economic Development must be hands on in monitoring the appropriateness of the expenditure of SDR funds. Civil society and the media must also play their watchdog and whistle blower roles, to ensure that there is transparency and accountability in the use of SDRs. The Minister of Finance of Finance and Development must be mandated to provide comprehensive reports on the utlisation of SDR funds.”

It has been recommended that SDR funds must not be used to repay the country’s external debt to the World Bank, African Development Bank, European Investment Bank, Paris Club, and other bilateral creditors like China.

SDR funds must be directed towards key public sector investments and other economic enablers to boost economic development as this will go a long way in enhancing economic growth and creating job opportunities for the disenfranchised youths and women whose majority remain in abject poverty.

ZIMCODD stated that there must be a specific fund account that should be set up which should be closely monitored by Parliament paying much attention to women and people living with disabilities.

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