IMF lifts censures against Zimbabwe but new loan hurdles remain

WASHINGTON (Reuters) – The International Monetary Fund has removed remedial measures against Zimbabwe after the country settled its overdue financial obligation to the Fund’s Poverty Reduction and Growth Trust last month, the IMF said on Monday.

The move by the IMF’s executive board lifts a declaration that Zimbabwe is not cooperating with the organization, ends a suspension of technical assistance to Zimbabwe and restores Zimbabwe to the list of countries that are eligible to benefit from the trust.

Zimbabwe restored about $107.9 million in arrears on Oct. 20, ending more than 15 years of arrears to the trust.

The board decision is another step towards normalizing relations with the Fund. But the IMF has said it cannot consider a new IMF loan program for Zimbabwe until the country clears more than $1 billion in World Bank arrears and another $600 million-plus owed to the African Development Bank, as well as any arrears to bilateral lenders and private creditors.

Share this:

Arts & Entertainment

Arts & Entertainment

Damian Marley’s deep love for Africa

24th May 2017 Staff Reporter 0

Damian Marley’s 2010 collaboration album with Nas, Distant Relatives is littered with references to Africa’s rich cultural background. During the recording of the album Marley and Nas dug through archives of African music in search […]

2 Trackbacks & Pingbacks

  1. MDC-T Shadow Minister for Finance says bond notes are Zimbabwe dollars – 263AfricaNews
  2. Salary increases for Robert Mugabe’s cabinet as economy bleeds - Zimbabwe Consolidated News

Leave a Reply

Your email address will not be published.


*