Parliament Demands Answers From Education Ministry Over US$10 Million IMF Funds
Parliament has ordered the Ministry of Primary and Secondary Education to explain how it used US$10 million from the International Monetary Fund (IMF).
The Education Ministry was allocated US$10 million in Special Drawing Rights (SDRs) from the (IMF).
Parliamentary Portfolio Committee on Primary and Secondary Education chairperson Torerai Moyo told NewsDay that Education ministry officials failed to fully explain how they used their allocation when they appeared before the House. He said:
There was nothing on the utilisation of the US$10 million Special Drawing Rights; I told them to bring the draft after the holiday.
On 23 August 2021, Zimbabwe received Special Drawing Rights (SDRs) under the general allocation amounting to SDR677,436,012.00 (approximately US$958 million), from the International Monetary Fund (IMF).
According to Veritas, the allocation provided a huge stimulus to the Zimbabwean economy, following the devastating impacts of the COVID-19 pandemic and has assisted Zimbabwe in its post-COVID-19 recovery path.
The Government said part of the funding went to the manufacturing, health, education, agriculture and mining sectors.
The amount of SDRs that are allocated to each country is based on their individual IMF quotas.
IMF quotas are based broadly on the relative economic position of the country in the world economy.
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