IMF: Institute Ready to help Zim Design a Reform Programme

Harare - The International Monetary Fund (IMF) is willing to help Zimbabwe design a reform programme to assist the nation out of the econom...

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Harare - The International Monetary Fund (IMF) is willing to help Zimbabwe design a reform programme to assist the nation out of the economic quagmire.

The IMF's commitment comes after the incoming fiance mister Professor Mthuli Ncube said that the country needs independent advisers. Since 1999, Zimbabwe has been unable to access foreign funding, critical for infrastructure development, after it defaulted on payments.

Currently, Zimbabwe owes nearly $1,8 billion to the World Bank and the African Development Bank.

“The IMF stands ready to help (Zimbabwe) design a reform programme that can help facilitate clearance of external arrears to international development banks and bilateral official creditors . . . that would open the way for fresh financing from international community.

IMF Headquarters

“Supporting reforms will require a comprehensive stabilisation and structural programme from the (Zimbabwe) authorities and financial support from the international community to provide space for these reforms.

“We see that the new administration of President Mnangagwa has expressed commitment to strong economic reforms,” reads a statement by the IMF spokesperson.

Speaking to journalists on Tuesday, Ambassador Lang said her country was prepared to help Zimbabwe “start a serious dialogue” around the clearance of the arrears.

“We are here to give that support to try and encourage a process back to an IMF programme, perhaps through an interim staff monitoring programme as soon as possible,” she said.

Britain said it was excited to see Harare achieve middle income economy status by 2030 and is keen to assist in implementation of socio-economic and political reforms.

“We will be going to Bali (Indonesia) for the World Bank meetings and again, further conversation around the arrears clearance issue of which, again, I thank (the) UK for being a key partner in moving that process along,’’ said Prof Ncube.

UK plans to support Zimbabwe when at this year’s annual IMF and World Bank Group meetings scheduled for Bali Nusa Dua, Indonesia scheduled for October 12 to 14.

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