IMF experts in Zim

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INTERNATIONAL Monetary Fund experts (IMF) are in Harare to engage government on how to tackle the country’s 10,7 billion debt.

Online Journalist

Finance minister Tendai Biti told NewsDay Online that the IMF mission has since met government officials to discuss the process of evaluating Zimbabwe’s Staff Monitored Programme (SMP) as the country makes steps to settle the huge external debt. SMPs are informal agreements with IMF staff who provide advice to governments on the design of their economic programmes, and monitor the implementation. They do not entail endorsement by the IMF Executive Board nor financial assistance.

Concerned by the debt overhang, Zimbabwe’s cabinet in November 2010 adopted the Zimbabwe: Accelerated Arrears Clearance, Debt and Development Strategy (ZAADDS), a hybrid debt resolution initiative which includes the adoption of traditional debt resolution methods combined with leveraging the country’s natural resources to achieve sustainable economic development.

“We are in the process of negotiating ZAADDS (with the IMF), it is in this context that that the team is in the country. The meeting is not for Article IV consultations,” Biti said.

The debt strategy was approved by the Bretton Woods institution, which in October 2012 further relaxed the restrictions on IMF technical assistance to Zimbabwe that resulted from the country’s protracted financial arrears to the Poverty Reduction and Growth Trust.

9 COMMENTS

  1. What about the parallel Finance Ministry run by the Gukurahundis?

    South Africa allocated the smallest sum of R44 6-billion to defence in their recent 2013/14 budget. The largest chunk went to Education, a cool R232.5-billion; with Healthcare getting R133.6-billion. This is what we expect of a caring government. The total budget is R1.1 trillion!!

    With the Gukurahundis, the budget figures would be reversed – defence getting the lion’s share and education next to nothing. Ask Bro David Coltart!!

    • hatibhadhari zvikwereti kana tisati printer mari yedu. Tichaprinter mari yedu then tozobhadhara via cross rate. Musada kutibira chimbogarai kunyika dzenyu. One week tinenge tapedza kare kuiprinter mari yenyu.

  2. hatibhadhari zvikwereti kana tisati printer mari yedu. Tichaprinter mari yedu then tozobhadhara via cross rate. Musada kutibira chimbogarai kunyika dzenyu. One week tinenge tapedza kare kuiprinter mari yenyu.

  3. IMF, Bretton woods crocks ! they are at it again like what they did with ESAPP, but this time we are ready for them. ‘hava lume’.

  4. @Phunyukabamphethe, the Gukurahundi government doesn’t even know what a budget is, they are just selfish thugs claiming to be educated, as I always say, ”Fuck Gukurahundis”

  5. If the MDC-t was a party founded in the US,the entire party and it’s supporters would be dismissed as misfits and political illiterates.

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