{"id":40510,"date":"2021-05-18T17:42:37","date_gmt":"2021-05-18T15:42:37","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/?p=40510"},"modified":"2021-05-18T17:26:52","modified_gmt":"2021-05-18T15:26:52","slug":"imf-calls-for-major-reforms-to-turn-zimbabwes-economy-around","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/imf-calls-for-major-reforms-to-turn-zimbabwes-economy-around","title":{"rendered":"IMF Calls For Major Reforms To Turn Zimbabwe\u2019s Economy Around"},"content":{"rendered":"

Africa-Press<\/a> – Zimbabwe<\/a>. <\/strong><\/span>Bloomberg<\/b> – ZIMBABWE needs a \u201cbroader reform and stabilisation agenda\u201d to sustain an almost year-long effort by authorities to support the local currency and lower inflation, the International Monetary Fund said.<\/p>\n

The government should address pandemic-related health and social challenges, coordinate fiscal, foreign-exchange and monetary policies, and implement structural reforms aimed at improving the business climate and curbing corruption, an IMF spokesperson said Friday in an emailed response to questions.<\/p>\n

Zimbabwe reintroduced its own currency in 2019 after a 10-year hiatus and has been battling bouts of high inflation and shortages of everything from foreign currency to food. The local unit, which was pegged at parity to the U.S. dollar two years ago, has plunged to 84.6 against the greenback, while annual inflation stands at 194%.<\/p>\n

The IMF plans to hold a virtual staff visit in the first half of June, which would be a precursor to the country\u2019s enrolment in a staff-monitored program. A previous programme ended in February 2020, when the fund said Zimbabwe had gone \u201coff track.\u201d<\/p>\n

\u201cFund staff will discuss recent macroeconomic developments, the authorities\u2019 efforts in addressing the Covid-19 pandemic and vaccine roll-out, economic outlook and policies and capacity development priorities,\u201d the spokesperson said.<\/p>\n

Zimbabwe\u2019s Treasury estimates the economy will grow 7.4% this year, though that\u2019s more optimistic than the IMF\u2019s 3.1% projection. Finance Minister Mthuli Ncube has forecast the inflation rate will drop to 15% by year-end.<\/p>\n

\u201cFund staff take note of the authorities\u2019 efforts to stabilize the local currency and lower inflation over the last few months,\u201d the spokesperson said.<\/p>\n

The government has yet to provide a clear plan on how the country will expunge almost $10 billion of debt owed to multilateral lenders including the World Bank, Paris Club, and African Development Bank that are crucial for it to access fresh credit lines. The solution lies in \u201csound policies and donor support needed to resolve the debt overhang problem,\u201d according to the IMF.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. Bloomberg – ZIMBABWE needs a \u201cbroader reform and stabilisation agenda\u201d to sustain an almost year-long effort by authorities to support the local currency and lower inflation, the International Monetary Fund said. The government should address pandemic-related health and social challenges, coordinate fiscal, foreign-exchange and monetary policies, and implement structural reforms aimed at […]<\/p>\n","protected":false},"author":84,"featured_media":40509,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6,35,15],"tags":[1493,2189,19],"class_list":["post-40510","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-zimbabwe-2","tag-zimbabwe"],"yoast_head":"\nIMF Calls For Major Reforms To Turn Zimbabwe\u2019s Economy Around - zimbabwe<\/title>\n<meta name=\"description\" content=\"Bloomberg - ZIMBABWE needs a \u201cbroader reform and stabilisation agenda\u201d to sustain an almost year-long effort by a ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/imf-calls-for-major-reforms-to-turn-zimbabwes-economy-around\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF Calls For Major Reforms To Turn Zimbabwe\u2019s Economy Around\" \/>\n<meta property=\"og:description\" content=\"Bloomberg - 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