20 January 2018
   
Tsvangirai golden handshake confirmed
DisGrace sneaks out three luxury cars
ED cuts Bob Singapore crew from 38 to 22
Call for Diaspora Minister and MPs
ED so over confident it worries him
Priscilla demands coup ‘killings’ details
CBD maize roasting must end now: Min
Tsvangirai faces disgraceful exit: Judge
MORE NEWS
ZTA targets domestic tourism
SOE DEBATE: Privatise most parastatals
MORE BUSINESS
Delight as ZBC 'Iron Lady' suspended
Sulu arrested over $4,000 child support
MORE SHOWBIZ
Mapeza targets CAF CL group stages
Tendai Ndoro special - says Ajax coach
MORE SPORTS
Elections: Not a moment to be lost
A view beyond the Zimbabwe coup
MORE OPINION
 
Mnangagwa off to Davos empty handed
Economy: the need for a paradigm shift
MORE COLUMNISTS
 
 
IMF team due in Harare next week
04/03/2014 00:00:00
by Business Reporter
 
 
RELATED STORIES
IMF team in Zim soon to assess the situation
Economy recovering, claims Mugabe
Zim may clear $1,7 bn debt 2018, says Bank
Zim clears IMF arrears, $108m paid on Thurs
First IMF loan in 20 yrs due in 2016, RBZ
Chinamasa: Zim needs 8pct annual growth in 10yrs
IMF jets in amid indigenisation thaw
Biti: IMF not treating Zimbabwe fairly
Police probe Biti over missing US$20m
Mugabe blasts West over World Bank

A TEAM from the International Monetary Fund (IMF) is expected in Zimbabwe next week to review the government’s economic policies and examine possibilities of future funding.

Market watchers however say the IMF was not expected to loosen its purse-strings for Zimbabwe any time soon because Zimbabwe is still in arrears on its debt repayments.

According to the IMF, the country’s external debt reached $12.5 billion in 2012with nearly half of the obligations, about $6.7 billion, in arrears.

In a statement, the IMF team said it would review issues such as credit growth, monetary expansion, interest rate growth, banks performance and capital adequacy soundness, fiscal policies, as well as current account movements.

The IMF stripped Harare of its voting rights in 2003 and nearly ejected the country in a rare move for the Washington-based institution in 2006. The restrictions were imposed after Zimbabwe fell behind in repayments to the Fund.

But in June, ahead of fresh elections, the organisation said it would work with the country for the first time in more than a decade although ruling out new cash advances.

IMF managing director, Christine Lagarde, announced a Staff Monitoring Programme (SMP) for the country adding its successful implementation “would be an important stepping stone toward helping Zimbabwe re-engage with the international community."

Following his appointment as Finance Minister after the June 31 elections, Chinamasa said he would stick with the plan proposed by the IMF which is not a particular favourite of his boss, President Robert Mugabe.

The minister said he had urged a new approach for Zimbabwe during meetings with the IMF and other organisations in Washington.

“I held a number of meetings with the IMF, World Bank, the African Development Bank, African Export Import Bank, International Finance Corporation in Washington where I emphasised that the one size fits all solution has left Zimbabwe at a standstill position,” he said.

Zimbabwe’s huge debt pile is also said to be preventing the country from tapping external financing.


Advertisement


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark

 
 
 
comments powered by Disqus
 
RSS NewsTicker