IMF lifts censures against Zimbabwe, new loan possible

The International Monetary Fund has removed remedial measures against Zimbabwe after the country settled its overdue financial obligation to the IMF’s Poverty Reduction and Growth Trust last month. The move by the IMF’s executive board lifts a declaration that Zimbabwe is not cooperating with the organisation, ends a suspension of technical assistance to Zimbabwe, and restores Zimbabwe to the list of countries eligible to benefit from the trust. The country restored about $107.9 million (Sh10,890.62 billion) in arrears on October 20, ending more than 15 years of arrears to the trust. The board decision is another step towards normalising relations with the fund. The IMF says it cannot consider a new loan until the country clears more than $1 billion (Sh101.76 billion).