She said Gono had become known in IMF circles as the only central banker in the world who liked to print money.
According to Coorey, Gono had appeared indifferent to IMF’s concern about the ballooning central’s bank debt. Gono seemed to see his role as more of a development banker, who could fix problems and garner goodwill by handing out money at a whim – in the process increasing his personal standing.
Coorey said that contrary to his public persona, her impression was that Gono was utterly authoritarian. He dominated the then Finance Minister Herbert Murerwa, who appeared more willing to listen to the IMF’s recommendations but was browbeaten by Gono.
Zimbabwe’s inflation reached a world record in 2008 before it was contained with the setting up of the new unity government in 2009.
Post published in: Business