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IMF team expected

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A delegation from the International Monetary Fund (IMF) is Wednesday expected to start reviewing the country’s economic developments and assist the government in the preparation of the mid-year Budget statement.

The team headed by Vitaly Kramarenko is expected to hold discussions with government officials including those from Finance Ministry until June 22.

Last week the IMF said the economic growth would decelerate to 5,5% this year as compared to the 6% recorded in 2009.

“Directors urged the authorities to take advantage of the favourable external environment and continued technical assistance to strengthen their macro-economic framework, start rebuilding international reserves and implement key structural reforms,” the IMF said.

Ministry of Economic Planning and Investment Promotion permanent secretary Desire Sibanda yesterday also confirmed the visit by officials from the World Bank.

“We met officials from the World Bank and Finance ministry yesterday (Monday) to discuss the country’s economic situation and the recently approved five-year Medium-Term Plan,” said Sibanda.

Meanwhile the IMF said it would be completing the selection process for the next managing director for the financial institution before the end of this month.

In a statement on Monday, the board said it would this week be considering Agustín Carstens, a Mexican national and governor of the Bank of Mexico as well as former deputy director of IMF, Christine Lagarde, a French national and Economy, Industry and Employment minister of France.

“The period for submitting nominations for the position of the next managing director closed on Friday, June 10 — consistent with the board decision adopted on May 20 specifying the procedures for the selection of the next managing director and the applicable by-laws of the IMF,” IMF said.

“The executive board will meet with the candidates in Washington DC and, thereafter, meet to discuss the strengths of the candidates and make a selection.”

The appointment of new IMF managing director follows the resignation of Dominique Strauss-Kahn after he was implicated in a sex-scandal case last month.

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