IMF commits to assist rebuild Zimbabwe’s economy

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The International Monetary Fund (IMF) has announced plans to provide financial help to Zimbabwe in restoring economic stability and growth. The move follows the resignation of President Robert Mugabe after 37 years in power.

Zimbabwe has not been able to borrow since it began defaulting in 1999 and though it cleared its arrears with the IMF in 2016, the institution cannot begin new lending until it deals with several billion dollars of other foreign debt payment.

However, according to IMF Spokesman Gerry Rice the fund is committed to helping restore stability.

Paying off creditors requires growth and stability and the IMF says officials are traveling to Zimbabwe the coming days to provide advice and support to the newly-formed government of President Emmerson Mnangagwa.

The IMF mission says it will update the fund’s assessment of Zimbabwe’s fiscal position, foreign exchange developments and inquire about the new administration’s economic plans.

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