Empire News Africa

African Entertainment News Online…

Corruption inflated prices of high-profile initiatives in Zambia – IMF

Spread the love

The Worldwide Financial Fund mentioned on Tuesday (Jan. 10) that corruption had inflated the price of quite a few high-profile tenders and infrastructure initiatives in Zambia.

On the request of native authorities, an IMF interdepartmental Governance Diagnostic Evaluation mission performed final yr a research targeted on governance weaknesses and corruption vulnerabilities.

The assessment revealed severe weak point throughout all state features. Nevertheless, these with specific macroeconomic affect had been present in areas together with public monetary administration, granting and managing contracts within the mining sector.

“As an example, huge monetary sources invested in infrastructure initiatives, corresponding to street development, supplied avenues for corruption, particularly within the award of tenders, the place political connections allowed members of the elite to bend the foundations and entry to profitable contracts”, the 96-page report learn.

The IMF diagnostic says corruption grew to become notably institutionalized throughout 2016-2021 interval.

Zambia’s present chief vowed, upon his election two years in the past, to point out “zero tolerance” for graft.

Hakainde Hichilema’s first targets had been members of the federal government of his predecessor.

Many arrests nevertheless resulted in bail, with defendants denying the costs.