Zimbabwe’s payouts to state fuel firm Sakunda are very risky, IMF warns
Payouts to Sakunda, owned by an ally of President Emmerson Mnangagwa, are being met by the central bank printing money, undermining Zimbabwe’s currency
The International Monetary Fund (IMF) has privately warned Zimbabwe that state payouts to a company linked to global commodities trader Trafigura were pushing the shortages-plagued economy to the brink, reviving fears of corruption at the highest level of government.
Payouts to Sakunda Holdings, a fuel company owned by an ally of President Emmerson Mnangagwa, were in effect met by the central bank’s printing money. The transactions severely undermined the country’s currency — the Zimbabwe dollar — only months after it was introduced, the Washington-based institution told Harare earlier in September, according to two people with knowledge of the discussions.