IMF Zimbabwe To Start Receiving Financing

IMF Sets Conditions For Zimbabwe To Start Receiving Financing

The International Monetary Fund (IMF) has said that Zimbabwe needs to clear its debt with other creditors for it to start receiving financing from the Bretton Woods institution.

Zimbabwe cleared its arrears with the Fund but owes the African Development Bank and the World Bank a combined US$2 billion.

Responding to a question by the Insider on Thursday on how Zimbabwe can go back on track and open doors for financial assistance, IMF Director of Communications, Gerry Rice said:

Rice also said that Zimbabwe needed to restore macro and financial stability, something that requires a fiscal adjustment.

The Fund also advised Zimbabwe to adopt reforms to allow the effective functioning of market-based foreign exchange and debt markets.

Rice added that Zimbabwe needed structural reforms, including reform and privatisation of state-owned enterprises.