Zim's Bvumbe Lands Top World Bank Post

Harare, June 30, 2014-Zimbabwe’s Aid and Debt Management Office (ZADMO) head Andrew Bvumbe has landed a top post with the World Bank for the African region, Treasury said yesterday. 

Bvumbe will assume the new post of alternate executive director for African Group 1 constituency effective November 1 during the period 2014 to 2016. 

African Group 1 has 19 countries. Bvumbe will be alternate to executive director Loms Rese Peter Larose from Seychelles.

In a notice Sunday, Finance and Economic Development minister Patrick Chinamasa said Bvumbe shall be presented to the governors at the constituency meeting for formal endorsement during the annual meetings of the World Bank Group in October.

Bvumbe’s endorsement for the post will follow the election of Larose to the post of executive director.

A seasoned economist, Bvumbe has vast experience in central banking and international financing. 

He joined the Reserve Bank of Zimbabwe as assistant economist in 1981, rising through the ranks to chief economist and then assistant director (Economic Research Policy Division).

He left RBZ in 1999. 

From 1999, Bvumbe served in various capacities as director in the Privatisation Agency of Zimbabwe, principal director ministry of Finance and Economic Development, permanent secretary, executive director of the African Development Bank (AfDB) and as ZADMO head. 

ZADMO is a department in the ministry of Finance and Economic Development in charge of resource mobilisation, debt and risk management and settlement and disbursement. 

Latest government data showed that Zimbabwe’s total external public and publicly guaranteed debt (excluding Reserve Bank and private sector external debt) stood at $6,077 billion (49% of gross domestic product) as of December 31 2012.

Zimbabwe owes the International Monetary Fund $124 million, AfDB about $800 million (of which $528 million is in arrears) and $1,4 billion to the World Bank.

AfDB estimates that Zimbabwe requires $16 billion to revamp the infrastructure that has deteriorated over the years.