Articles tagged 'imf'

Zim faces bleak future: IMF 21 January 2019 HARARE - Zimbabwe will struggle to get financial support from international financial institutions due to its high debt levels, the International Monetary Fund (IMF) has said. Gerry Rice, the IMF spokesperson, said  the southern African country need policies that would stabilise the economy. ...
Zim commits to debt clearance programme 14 February 2018 HARARE - President Emmerson Mnangagwa's government says it is committed to repay its debts with the international community. Central bank governor John Mangudya said in line with the new economic order, government is intensifying the re-engagement process with the international community to im...
Chinamasa recalled from IMF, World Bank meetings 13 October 2017 HARARE - President Robert Mugabe demoted former Finance minister Patrick Chinamasa while he was in Washington attending an annual global meeting of Finance ministers and central bankers organised by the International Monetary Fund (IMF) and World Bank. Chinamasa, who was demoted to the ministr...
Politics, economics: Bane of Zim's socio-economic prospects (Part 1) 3 September 2017 HARARE - A recent report on Zimbabwe authored by the International Monetary Fund (IMF) creates the impression that efforts of the economic team driving the country's revival agenda are being undermined by political circumstances. It notes that this economic team was forced to pay the 13th cheq...
Reduce wage bill: IMF tells govt 8 July 2017 HARARE – The International Monetary Fund has repeated its calls for President Robert Mugabe's broke government to retrench its workers further in line with reforms aimed at reducing its huge wage bill. This comes after the executive board of the IMF concluded the Article IV consultation with Z...
Zim's public debt rises to $11,6bn 26 June 2017 HARARE - Zimbabwe's economy remains fragile with a “precarious” level of public debt during the year to March rising to over $11 billion, the Parliament Budget Office said in its latest report. Zimbabwe's domestic debt rose 40 percent to $4,3 billion, with external debt standing at $7,5 billio...
Clearing World Bank arrears irresponsible: Biti 1 May 2017 HARARE - Finance minister Patrick Chinamasa's planned move to pay $1,1 billion towards settling Zimbabwe's World Bank dues is “criminally irresponsible and treasonous”, former Finance minister Tendai Biti has said. He said the intended payment will be made on the back of a moribund economy cha...
Zim must pay its debt 20 March 2017 HARARE - Reserve Bank of Zimbabwe governor John Mangudya over the weekend reiterated the country's commitment to repay its external debts. “Zimbabwe owes many people money and we owe it to pay everyone; there is no favouritism. If you borrow money from the World Bank, you need to pay the World...
Zim mum on debt repayments 15 February 2017 HARARE - Finance minister Patrick Chinamasa has remained tight-lipped on the country's plans to repay its $1,8 billion arrears to multilateral lenders. This was after the debt-ridden nation failed to meet the June 30, 2016 deadline to repay its debts to preferred creditors — the World Bank, In...
Highs and lows of business 1 January 2017 HARARE - The year 2016 will go down as a tough one for the local economy since 2008 as the country slid back into recession and unemployment skyrocketed to unprecedented levels. Zimbabwe's economy was expected to grow by 2,7 percent this year before it was slashed to 0,6 percent this year due ...
IMF warns Zim govt 9 December 2016 HARARE - The International Monetary Fund (IMF) has warned President Robert Mugabe's government against interfering with Treasury operations. IMF local representative, Christian Beddies, yesterday told the businessdaily that government was not giving Finance minister Patrick Chinamasa enough ro...
Zim not due for credit lines: Chinamasa 24 November 2016 HARARE - Zimbabwe will not get funding from international lending institutions until it clears all its debts with creditors including the World Bank and the African Development Bank (AfDB), Finance minister Patrick Chinamasa has said. There was hope in President Robert Mugabe's cash-strapped g...
'Don't pop champagne yet' 18 November 2016 HARARE - Zimbabwe has been warned against celebrating the recent lifting of International Monetary Fund (IMF) remedial measures imposed on the country nearly 15 years ago.  This was after the global moneylender this week eased sanctions on the economically-stricken nation when Zimbabwe paid it...
UK rules out financing Zim 2 November 2016 HARARE - The United Kingdom (UK) has ruled out any involvement in a fresh bailout for Zimbabwe after suggestions that a mechanism backed by a high-ranking advisor to the British government could provide bridge financing for Harare. UK's Harare Embassy spokesperson, John Culley, yesterday quash...
No reforms, no money: IMF 31 October 2016 HARARE - The International Monetary Fund (IMF) has insisted that President Robert Mugabe's government will not receive any fresh capital until it repays all its debts and implement key economic reforms. This was after the cash-strapped country last week cleared its 15-year-old $107,9 million a...
Strange case of Zim's IMF's repayment 30 October 2016 EDITOR — On October 28, 2016, Zimbabwe utilised part of its Special Drawing Rights (SDRs) to settle the $108 million it owed to the International Monetary Fund (IMF)'s Poverty Reduction and Growth Trust Fund (PRGT), which funds were held and kept at the IMF. The timing of this payment and the ...
No IMF bail out for Zim 22 October 2016 HARARE - The International Monetary Fund (IMF) has said it will not bail out Zimbabwe, unless the country comes up with a “credible plan” to pay its dues to other global financiers. Zimbabwe — currently struggling to service its $1,8 billion-plus debt owed to various international financiers —...
IMF confirms our worst fears 7 October 2016 HARARE - The International Monetary Fund (IMF) this week confirmed what we have been saying all along — Zimbabwe is now officially in recession due to President Robert Mugabe's disastrous policies and mismanagement. In its latest World Economic Outlook report, the IMF slashed Zimbabwe's 2016 g...
World Bank snubs Mugabe govt 29 September 2016 HARARE - The World Bank (WB) has assured Zimbabwean activist Patson Dzamara that it has no intention of bailing out President Robert Mugabe's government by extending money to his administration. This was in the aftermath of Dzamara having petitioned the WB during his recent visit to the United...
Zim, a nation of debtors 18 September 2016 HARARE - Zimbabwe, which owes multilateral institutions over $10 billion, is sinking beneath a tide of debt. A spate of recent reports have revealed how perilously close to the edge many are. In a nation where as many as 70 percent of people live on less than a $1 a day, according to the Un...
Mugabe makes Chinamasa job harder 7 August 2016 HARARE - While Finance minister Patrick Chinamasa (pictured) is going around the West with a begging bowl, to try and rescue Zimbabwe out of a monetary crisis,  back home his boss President Robert Mugabe is singing an entirely different hymn biting the hand that is supposed to help his nation. ...
IMF must not fund Zim: UK 27 July 2016 HARARE - The United Kingdom yesterday said it will veto any future International Monetary Fund (IMF) loans to Zimbabwe until the southern African country improves its tainted human rights record. The UK, together with the United States, have a combined voting percentage of over 20 percent and ...
Mugabe stumbling block to Zim revival 24 July 2016 HARARE - As Finance minister Patrick Chinamasa runs around to secure $1,8 billion to clear the country's arrears to multi-lateral lenders, most experts have remained sceptical, arguing Zimbabwe's problems can only end with leadership change. In an effort that has been described as futile by mo...
Chinamasa's disastrous IMF gamble 12 July 2016 HARARE - Finance minister Patrick Chinamasa's hasty decision to pay $1,8 billion debt to the International Monetary Fund (IMF) is probably the single most momentous event since the death of the Zimdollar. In an era that has seen calamitous economic events such as record breaking hyperinflation...
Mugabe turns on his own 26 June 2016 HARARE - At a time when everyone is agreed that life in Zimbabwe is bad and there is need to re-engage with other countries, President Robert Mugabe is actually thumbing his nose at the West, something that both his friends and foes say is a sign that the 92-year-old has lost his marbles. Just...