IMF lifts cen­sures against Zim­babwe, new loan pos­si­ble

The Star (Kenya) - - News -

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).

Newspapers in English

Newspapers from Kenya

© PressReader. All rights reserved.