Articles tagged 'imf'

IMF cuts global growth forecast 20 January 2015 LONDON - The International Monetary Fund (IMF) has lowered its forecast for global economic growth for this year and next. The IMF now expects growth of 3.5% this year, compared with the previous estimate of 3.8% which it made in October. The growth forecast for 2016 has also been cut, to 3...
Zim economy in precarious state: IMF 10 November 2014 HARARE - The International Monetary Fund (IMF) says Zimbabwe must consolidate its fiscal position and eliminate the primary budget deficit by end-2015 if the country hopes to revive its economy. In a statement released last week, the international financier said the southern African country’s ...
Zim finalises IMF programme 24 October 2014 HARARE - Zimbabwe has embarked on a third and final phase of the International Monetary Fund (IMF)’s Staff Monitored Programme (SMP). The country met quantitative targets and structural benchmarks set under the programme’s second stage, which ended in June. The final phase, 15 months long, ...
More stringent measures needed 3 October 2014 HARARE - While the International Monetary Fund (IMF) team noted that Zimbabwe has met all end-June 2014 quantitative targets and structural benchmarks under the staff-monitored programme, we still have a long way to go to grow our economy. The Zanu PF-led government must now lay the ground for...
Zim does not qualify for debt relief: IMF 24 September 2014 HARARE - Zimbabwe is not poor enough to deserve financial bailout under the Highly Indebted Poor Country (HIPC) facility, the International Monetary Fund (IMF) has said. Domenico Fanizza, the lender’s representative to Zimbabwe, said the southern African nation has “a lot of potential” and did...
IMF team set for Zim 14 September 2014 HARARE - An International Monetary Fund (IMF) delegation is expected in Zimbabwe next week to assess the country’s progress on the staff monitored programme (SMP). Finance minister Patrick Chinamasa told Parliament that the team would be in the country from September 17 to October 1, 2014. ...
Zim seeks IMF technical assistance 28 July 2014 HARARE - Zimbabwe is seeking the International Monetary Fund (IMF)’s technical assistance in bolstering its Treasury management as the country reengages the central bank as its banker. The government is moving its exchequer account from CBZ Bank (CBZ) to the Reserve Bank of Zimbabwe (RBZ). ...
No, Cde President; it is smouldering! 22 July 2014 HARARE - President Robert Mugabe's statement that the economy is recovering is quite jarring. This is so because there is nothing on the ground which suggests the recovery which the Zanu PF leader referred to on Sunday. Instead, the economy is in a tailspin caused by a cocktail of problems ...
Zim budget targets in doubt: IMF 16 July 2014 HARARE - Zimbabwe's 2014 budget targets are in doubt on the back of a weaker economic outlook, the International Monetary Fund (IMF) has said. The global financier said the hard-pressed southern African nation faced rising wage pressures while it also has over expectation of the minerals secto...
Repeal Indigenisation Act: Robertson 14 July 2014 HARARE - As Zimbabwe hurtles towards more economic problems, leading economist and journalist John Robertson believes President Robert Mugabe’s administration is running out of time to fix the economy. And with the country’s debt now pegged at $9,9 billion, prospects of relief appear too dista...
Time to take SMP seriously 10 July 2014 HARARE - Zimbabwe must take seriously the International Monetary Fund (IMF) administered Staff Monitoring Programme (SMP) if the country entertains any hopes of getting external funding and improving its high credit risk status. The IMF this week indicated that the southern African country mis...
IMF may extend Zim programme 10 July 2014 HARARE - The International Monetary Fund (IMF) is likely to extend Zimbabwe’s Staff Monitored Programme (SMP) deadline for the second time as the country has missed a number of targets due to a deteriorating economy. This comes as in January, the global financier extended the programme by six ...
Debt overhang hinders growth prospects 6 July 2014 HARARE - Zimbabwe’s failure to service its principal debt has resulted in the worsening economic situation in the country, economic experts say. The experts contend that the country’s debt, which recently ballooned to $9,9 billion has dented Zimbabwe’s access to international funding and is ha...
Zim pleads for debt cancellation 5 July 2014 HARARE - Finance minister Patrick Chinamasa has pleaded with Zimbabwe’s external creditors to inject more capital into the country despite a $9,9 billion debt overhang. Chinamasa told journalists on Thursday the cash-strapped southern African country had no capacity to repay its debt due to a ...
Zim debt balloons 4 July 2014 HARARE - Zimbabwe's principal debt has ballooned by nearly 40 percent from $6,1 billion last year to $9,9 billion, Finance minister Patrick Chinamasa has said. The lawyer-cum-politician yesterday said the country's total external debt stood at $8,9 billion as at December 31, 2013, which is 69 ...
Govt must heed IMF warnings 26 June 2014 HARARE - The International Monetary Fund (IMF) this week warned that the country is in a precarious position and this should be a wake-up call to the government, which went into a deep slumber after the controversial election victory last year. For the past few months, we have been telling it ...
Zim economy in precarious state: IMF 24 June 2014 HARARE - Zimbabwe's economy is in a precarious state, with usable international reserves covering less than two weeks of imports, the International Monetary Fund (IMF) has warned. In its article 1V consultation with Zimbabwe report released yesterday, the institution said the country's current...
Switzerland pledges to restore ties with Zim 17 June 2014 HARARE - Switzerland has pledged to help Zimbabwe get re-integrated into the international community after more than a decade of isolation. Willi Graf, the deputy head of regional cooperation for the Swiss Agency for Development and Cooperation, yesterday told journalists that his country was ...
Zim fails to pay IMF debt 27 April 2014 BULAWAYO - Zimbabwe has no capacity to clear debt arrears with international financiers due to the poor state of the economy, Finance minister Patrick Chinamasa has said. Chinamasa told journalists at a press briefing in Bulawayo last week that government was engaging the institutions to find ...
Chinamasa set for Washington 4 April 2014 HARARE - Finance minister Patrick Chinamasa will next week travel to Washington, United States, to attend the International Monetary Fund (IMF) spring meetings. The Treasury chief — struggling to secure bailout packages and budgetary support said he would use the platform to lure investors int...
Engage lenders, IMF urges Zim 30 March 2014 HARARE - The International Monetary Fund (IMF) says Zimbabwe must engage its creditors to arrest economic collapse. Following President Robert Mugabe’s election victory last year, the economy has regressed with investors shunning the country and companies closing shop, among other challenges. ...
What's next for Zimbabwe? 28 March 2014 HARARE - Statements this week by Finance minister Patrick Chinamasa that Zimbabwe is far from reaching the prescribed International Monetary Fund (IMF) Staff-Monitored Programme targets, makes sad reading. This coming after the country had requested a further six-month extension to the program...
Zim economy faces collapse: IMF 28 March 2014 HARARE - The International Monetary Fund (IMF) has warned of a challenging economic environment ahead and urged government to pursue strong macroeconomic policies. An IMF staff mission, led by Alfredo Cuevas, which was in the country to hold discussions on the 2014 Article IV Consultation and ...
Zim could miss IMF targets 27 March 2014 HARARE - Zimbabwe could for the second time miss the International Monetary Fund (IMF)’s Staff Monitored Programme (SMP) targets due to deteriorating economic conditions in the country. The hard-pressed country is currently implementing the recommended programme under which it is required to e...
No cuts to Zim's public sector wage bill 27 March 2014 HARARE - Zimbabwe is not prepared to slash its public sector wage bill to meet debt-reduction plans agreed with the IMF because it will involve too many job cuts, the Finance minister said yesterday. The International Monetary Fund in January approved a six-month extension of a monitoring prog...