NEW: Reserve Bank of Zimbabwe and World Bank in key partnership agreement

Online Reporter

THE Reserve Bank of Zimbabwe (RBZ) has become the latest member of the World Bank Group’s Reserve Advisory and Management Partnership (RAMP), a programme that promotes countries’ stability, resilience and prosperity through public asset management.

RAMP, which has advised over 100 public institutions and trained over 10 000 public asset management staff on sound public asset management practices, also helps central banks respond to economic shocks, sovereign wealth funds protect intergenerational wealth and public pension funds ensure future payments.

The RBZ joins RAMP through a World Bank Group multi-donor trust fund designed to extend the World Bank’s public asset management expertise to countries facing financial or institutional barriers to participation.

According to a statement from the World Bank Group on Friday, the RBZ and the World Bank signed a technical assistance agreement in Washington, D.C., formalising the partnership.

“A warm welcome to the Reserve Bank of Zimbabwe to RAMP,” said Jorge Familiar, World Bank vice president and treasurer.

RBZ Governor Dr John Mushayavanhu said the partnership was key, particularly at a time when the country had begun accumulating reserves.

“Our collaboration with the World Bank RAMP marks a pivotal moment in strengthening Zimbabwe’s reserve management at a time when Zimbabwe is strategically accumulating foreign reserves to back its local currency,” he said.

“Through this partnership, we aim to bolster our public asset management capabilities, promote transparency and support sustainable development for our nation.

World Bank country director for Zimbabwe Nathan Belete said the partnership goes beyond technical assistance as it is about investing in long-term institutional strength.

“By working alongside the Reserve Bank of Zimbabwe through the World Bank RAMP, we are supporting the development of resilient systems and local expertise that will help safeguard national wealth and promote economic stability for future generations.”

RAMP was established in 2001.

The World Bank is a partner for public asset managers and the largest external asset manager in the development community, with nearly US$200 billion of assets under management.

Central banks and public asset managers manage over US$40 trillion in reserves and assets worldwide, underscoring their importance in the global financial system and the need for high-quality asset management and advisory services.