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Confidence Vote: IMF Hails ED Mnangagwa

Harare  –  President Emmerson Mnangagwa of Zimbabwe has met with International Monetary Fund (IMF) Managing Director Christine Largade.   ...

Harare – President Emmerson Mnangagwa of Zimbabwe has met with International Monetary Fund (IMF) Managing Director Christine Largade. 

The meeting occurred at the sidelines of the ongoing World Economic Forum in Davos, Switzerland - and this could pave way to thaw relations with Harare.

Mnangagwa – according to media reports was hailed by Lagarde for his frantic efforts to engage the international community and putting the economy on the right footing.

“This was an opportunity to share views on ways to address the severe economic challenges that Zimbabwe is facing, and how the IMF can help,” Lagarde said on Twitter after the meeting.

Afterward, the International Monetary Fund said Lagarde “welcomed President Mnangagwa’s commitment to stabilizing the Zimbabwean economy and working towards normalizing the country’s engagement with the international community.”
Christine Largade
The country cleared its 15-year-old financial arrears to the IMF in 2016. It is, however, still in arrears to the World Bank and African Development Bank, which hampers its ability to tap development financing from the two institutions.

The IMF has told Zimbabwe not to clear its $1.75 billion foreign arrears by borrowing from lenders, which would worsen the country’s debts.
The president remains optimist that more Foreign Direct Investment (FDI) will trickle into the country.

“Already, we have seen increased inflows of foreign capital in the country in just over 60 days,” he said.

“The volume of commitments is already beyond what we would get in a year in the past. At the end of the year, in my personal view, we might close the year catching up or possibly outstripping some of our neighbours in terms of the capital we will attract to the country.”

Mnangagwa had the opportunity interact with various politicians and business executives from global conglomerates.

“But I was quite at home. I met people I have never met before like Al Gore (former US Vice President), John Kerry, former US secretary of State and other world leaders. But more importantly, I had businesses, banks and other institutions lining up to see me. I am unable to fulfil some of the requests (for meetings).”

The Davos WEF runs from January 23 to 26 under the theme “Creating a Shared Future in a Fractured World.” Online Sources

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