World Bank Distances Itself From Zimbabwe’s New Currency, ZiG

The World Bank has refuted claims that it played a key role in the conception and launch of Zimbabwe’s new currency, the Zimbabwe Gold (ZiG).

Reserve Bank of Zimbabwe (RBZ) governor John Mushayavanhu recently revealed that Zimbabwean authorities did not know much about structured currency and engaged a World Bank consultant before introducing ZiG.

But speaking to The NewsHawks, the World Bank stated that it only offers policy advice to member states, which then make the final decisions on policy implementation. The bank said:

We are committed to supporting the government of Zimbabwe in its efforts towards the country’s economic recovery.

This aligns with our goal to create a world free of poverty on a livable planet. This support includes technical expertise and in-depth research and analysis on sectors, such as the latest Zimbabwe Economic Update.

It also includes perspectives on policy and development challenges at the request of clients. Governments tailor this advice to their contexts and ultimately make the final decisions on policy implementation in their countries.

During an address to business executives soon after the launch of ZiG, Mushayavanhu said the World Bank was instrumental in the introduction of ZiG.

He said he was not to blame for ZiG’s perceived shortcomings, adding “So, if you’re going to blame me, you’re actually blaming the World Bank.” He said:

We didn’t know much about structured currency. We got a consultant from the World Bank. A lot of the things you’re seeing about the structured currency actually came from the World Bank. So, if you’re going to blame me, you’re actually blaming the World Bank.

Maybe they didn’t advise us properly. And if they did not advise us properly, it’s fine. Let’s refine it.

Mushayavanhu, has, however, since backtracked from his claims, saying ZiG was a well-thought-out and purely Zimbabwean idea.