Online Reporter
Rutendo Nyeve in Victoria Falls
SENIOR Government officials from key ministries and agencies have gathered in Victoria Falls for a pivotal capacity-building workshop on Illicit Financial Flows (IFFs) and Resource-Backed Loans (RBLs), hosted by the African Development Bank (AfDB).
The high-level workshop has drawn participants from the Ministries of Finance, Mines, Energy, and Environment; the Zimbabwe Revenue Authority (ZIMRA); the Reserve Bank of Zimbabwe; and the anti-corruption and financial intelligence unit.
The event is a critical component of the AfDB’s GONAT Project, aimed at strengthening economic resilience and domestic resource mobilisation in fragile and transitional African nations, including Zimbabwe.
The training is designed to equip officials with the knowledge and tools necessary to combat the significant economic drain caused by IFFs—the illegal movement of money or capital across borders.
Participants will engage in intensive modules covering the conceptualization of IFFs, methodologies for their measurement, and the associated risks of resource-backed loans, where future natural resource exports are used as collateral for financing.
Over two days, experts will lead sessions on natural resource accounting, customs controls, tax reforms, and the application of innovative technologies like blockchain for monitoring and enforcement.
A key focus will be on fostering inter-agency cooperation, which is vital for creating a cohesive national strategy to detect, prevent, and recover illicitly lost funds.
The workshop underscores the Government’s commitment to evidence-based policymaking, transparency, and safeguarding the nation’s vast natural resource wealth for sustainable development.
By building the capacity of its key institutions, the nation aims to close revenue gaps, ensure debt sustainability, and channel resources towards critical national development goals.
The outcomes are expected to directly inform policy recommendations to be presented at a high-level dialogue following the training.
