IMF Encourages Zimbabwe To Hasten Currency Reforms
The International Monetary Fund, IMF has encouraged Zimbabwe to speed up currency reforms, saying authorities should move towards a market-driven exchange rate and remove distortions currently in place.
The visit to discuss Zimbabwe’s request for an IMF staff-monitored programme, part of the southern African country’s efforts to re-engage with the international financial community by demonstrating a track record of sound economic policies.
According to report, Zimbabwe has not been able to secure financing from the like of the IMF for more than two decades due to arrears in servicing its debt to lenders including the World Bank, the African Development Bank and European Investment Bank.
In a statement by the IMF, it is currently precluded from providing financial support to Zimbabwe due to its unsustainable debt situation and official external arrears.
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