IMF Says Zimbabwe Needs to Intensify Efforts on Economic, Political Fronts

The International Monetary Fund said on Thursday that Zimbabwe needed to intensify efforts on economic and political fronts, adding that the country faced a steep economic contraction this year.

“Policy actions are urgently needed to tackle the root causes of economic instability and enable private-sector led growth,” the IMF, which visited Harare this month to review progress on a staff-monitored programme, said in a statement.

“The key challenge is to contain fiscal spending consistent with non-inflationary financing and tighten monetary policy to stabilise the exchange rate and start rebuilding confidence in the national currency.”