Graft costs Zim billions, says Prosecutor-General

Zim Now Writer

Zimbabwe loses close to US$2 billion per year through corruption and illicit financial flows, Prosecutor-General Justice Loice Matanda-Moyo has confirmed, arguing that it is a cause for concern in attaining Vision 2030.

The Prosecutor-General was speaking at a Financial and Asset Recovery training workshop in Harare yesterday where she lamented the rate at which the scourge was spreading in the country.

Justice Matanda-Moyo noted that subsequently, the country has lost over US$9 billion over the past five years, which when calculated, amounts to close to the country’s two-year national budget requirement.

She also added that these illicit financial flows cost the country, and are detrimental to the economy, through loss of revenue, which is meant to sustain various development projects and economic development.

“It is estimated that Zimbabwe loses about US$1.8 billion annually due to corruption and such illicit financial flows are unacceptable and bleed the economy of revenue meant to promote sustainable socio-economic development and the betterment of the livelihoods of all Zimbabweans.”

Recently appointed Zimbabwe Anti-Corruption Commission chairperson, Michael Reza, also added that over US$100 million worth of assets bought from illicit proceeds have been recovered, accounting for a measly 1% in the past five years.