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Zimbabwe Tycoon Benefits From $3.4 Billion Off-Budget Debt … – Bloomberg

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Zimbabwe’s central bank issued $3.4 billion worth of Treasury bills without following normal budget procedures and gave some of the securities to a tycoon, who used them to fund the acquisition of state-owned mines, according to a report issued by The Sentry
The exposé by the nonprofit organization that investigates alleged corruption reveals for the first time the extent to which the debt apparently benefited Kudakwashe Tagwirei, an adviser to President Emmerson Mnangagwa. It may also partly explain why the Zimbabwean dollar crashed after its 2019 reintroduction and inflation surged to more than 800%.


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