Cape Times

No quick return to IMF loans


THE INTERNATIO­NAL Monetary Fund (IMF) said yesterday that it would be at least three years before Zimbabwe could start accessing loans from internatio­nal lenders and needed to deepen economic reforms in the medium term to strengthen its ability to repay debt. Domenico Fanizza, the head of an IMF mission said there were no quick and easy fixes to Zimbabwe’s recovery, adding that what was needed in Zimbabwe were costly reforms that would take time to be felt by ordinary citizens. The once promising nation owes foreign creditors $9 billion (R123bn) and has been struggling for five years to recover from a catastroph­ic recession that sent hyperinfla­tion into billions amid widespread food

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