Zimbabwe's President Emmerson Mnangagwa

Zimbabwean President Emmerson Mnangagwa has reportedly revealed that his government has recovered at least $850m of externalised funds after a three months grace period ended.

According to the state owned Herald newspaper, Mnangagwa told delegates at the 31st African Union summit in Mauritania that the amount of returned looted funds was now at $850m – a slight increase from the returned at end of the grace period.

Mnangagwa had announced the recovery plan for an estimated $1.4bn stolen by individuals and businesses after taking office last November.

The president said at the time that those who returned their illegally earned cash were going to be pardoned unconditionally. The amnesty period was set to run from December until March.

At the end of the grace period in March some $591m looted funds were returned, according to the Herald.

Mnangagwa, who took over from long-time ruler Robert Mugabe after a military intervention, said the operation had discovered that huge funds were illegally externalised.

Mnangagwa was sworn-in in November last year and has vowed to fight corruption, protect foreign investment and create jobs to help re-build the troubled economy.

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