Zimbabwe and the IMF have agreed to cooperate on several measures in order to boost the country’s economy and its connections with global lenders, the fund revealed.
Together, they agreed to initiate “a coherent set of policies that can facilitate a return to macroeconomic stability".
Gene Leon, head of an IMF delegation, said: "IMF staff and the Zimbabwean authorities have reached an agreement on macro-economic policies and structural reforms that can underpin a staff monitored programme.”
Issues surrounding foreign exchange, increases in unemployment and food shortages have led the Zimbabwean economy to struggle over the past decade.
As Reuters reports, the policies will concentrate on removing the government’s double-digit fiscal deficit and implementing reforms aimed at allowing market forces to control the functioning of foreign exchange and other financial markets. Although no specific targets were revealed, Leon said these policies will benefit private sector growth.
Leon had previously appealed for $613 million from local and foreign donors and met with officials including Finance Minister Mthuli Ncube and Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya in order to discuss policy implementation for economic help.
“Successful implementation... will assist in building a track record and facilitate Zimbabwe’s re-engagement with the international community,” said Leon.
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posted on 03.04.2024
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posted on 05.12.2023
Zimbabwe Dollar falls to record low ahead of currency announcement
The Zimbabwean currency has fallen to another all-time low as residents sought refuge in the stability of the US dollar amid speculation the central bank is on the verge of making an announcement regarding the future of the local currency.
posted on 03.04.2024
RBZ urges govt incentives on diaspora investments
Zimbabwe’s central bank, the Reserve Bank of Zimbabwe (RBZ), called on the government on Monday to provide fiscal and non-fiscal incentives to diaspora investments due to their massive contribution to total foreign currency inflows in the country.
posted on 05.12.2023
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