Mangudya Reveals Biti Borrowed Without Parliament’s Approval

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya revealed Tendai Biti failed to seek Parliament’s approval during his tenure as Minister of Finance.

Mangudya said Biti did not seek Parliament’s approval when Treasury borrowed some money to fund activities related to the former Prime Minister Morgan Tsvangirai. This was after Biti asked Mangudya why he had failed to seek Parliament’s approval when Government borrowed over $2 billion to fund several projects aimed at reviving the economy. Said Mangudya:

What we did was within the Reserve Bank Act, what we did had Ministerial consent, had a legal opinion from the Attorney General and had national interest of the country. Let us not forget history. When you were Minister of Finance, I have got the files, the loans that you also contracted according to the RBZ Act, such loans they never went to Parliament and today to tell me that… I will tell you one loan that we did myself (as then CBZ Bank chief executive officer), yourself and the former Prime Minister of the country.

More: Chronicle

John MangudyaReserve Bank of ZimbabweTendai Biti

John Panonetsa Mangudya is an economist and the current Reserve Bank of Zimbabwe governor. Mangudya, who sits on many local and international boards .He was made RBZ governor after the expiry of Gideon Gono's term in 2014. He had been CBZ Holdings Ltd Chief Executive... Read More About John Mangudya

The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides... Read More About Reserve Bank of Zimbabwe

Tendai Laxton Biti is a politician and currently one of the 3 Vice Presidents of the Movement for Democratic Change (MDC). He was elected the vice presidency in May 2019 at the MDC Congress. Biti is also one of Zimbabwe's most prominent lawyers. Biti is... Read More About Tendai Biti

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