The International Monetary Fund (IMF) wants all of Zimbabwe's diamond transactions to be handled by Finance Minister Tendai Biti, The Zimbabwean news website reports.



According to the report, the IMF wants the Diamond Revenue Bill, which is due to be sent to Zimbabwe's parliament for debate, to stipulate that responsibility for managing the Zimbabwe Mining Development Corporation (ZMDC) be transferred to the Finance Ministry.



Zimbabwe is seeking to use revenue from sales of its diamonds (currently under international embargo) to pay back part of its $7.1 billion debt, of which $1.3 billion is owed to the IMF, the World Bank, and the African Development Bank. Until it pays back this debt, the country will not be eligible for financial aid.