Articles tagged 'international monetary fund'

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...
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...
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 ...
Pressure mounts on Mugabe, govt 9 May 2016 HARARE - Pressure is mounting on President Robert Mugabe and his governing Zanu PF, as new data suggests that Zimbabwe's economy is teetering on the brink of total collapse — prompting analysts and the opposition to observe that the increasingly frail nonagenarian was failing to “rig the economy”...
Zim works on debt repayment 8 May 2016 HARARE - Finance minister Patrick Chinamasa says government is working on “necessary documentation” for the country to implement its $1,8 billion arrears clearance strategy, with multilateral institutions expected to meet in the second half to approve the strategy. The Treasury chief told the ...
Zim economic difficulties deepen — IMF 6 May 2016 HARARE - The International Monetary Fund (IMF) says Zimbabwe’s economic difficulties have deepened with conditions constrained by tight liquidity and negative inflation. IMF mission chief for Zimbabwe Domenico Fanizza, in a statement on the 2016 Article IV consultation with Zimbabwe and the th...
Act now on reforms — IMF 29 March 2016 HARARE - The International Monetary Fund (IMF) says Zimbabwe needs to act now if it is to reverse the deepening economic difficulties. The institution's head of mission to Zimbabwe Domenico Fanizza said the investment-hungry country needed not wait any longer, but act on its policies. Our s...
First Mutual banks on Zim debt plans 24 March 2016 HARARE - Financial services group First Mutual Holdings (First Mutual) says it is banking on Zimbabwe’s re-engagement discussions with multilateral lenders to access a capital injection and boost operations. “We are sure the re-engagement talks are going to be successful and we will get equity...
IMF slashes Zim's economic growth target 10 March 2016 HARARE - The International Monetary Fund (IMF) has slashed Zimbabwe's economic growth forecast to 1,4 percent this year against Finance minister Patrick Chinamasa's 2,7 percent growth target. An IMF official leading a delegation from the Bretton Woods Institution — currently in the country to ...
Zim's last chance to secure IMF funding 10 March 2016 HARARE - Zimbabwe is facing a crunch time this week when an International Monetary Fund (IMF) visiting team is expected to give reports on the third and final assessment of the staff-monitored programme which ended on December 31 last year. The country started working on the IMF-administered p...
Zim, IMF agree on debt repayment plan 11 October 2015 HARARE - Zimbabwe and its creditors this week agreed on an arrears repayment strategy which entails the clearance of the country’s $1,8 billion outstanding amount by April 2016, Finance minister Patrick Chinamasa has said. The Treasury chief on Thursday said the strategy was for Zimbabwe’s thr...
Mugabe sweats as economy dies 28 September 2015 HARARE - With Zimbabwe's economy continuing to implode amidst rising poverty levels, heightened job redundancies and crippling power cuts, Zanu PF insiders say President Robert Mugabe is caught “between a rock and a hard place” as he battles to control the deadly infighting within his party and r...
IMF slashes Zim economic growth forecast 10 September 2015 HARARE - The International Monetary Fund (IMF) has cut Zimbabwe's economic growth forecast to 1,5 percent from the initial projection of 2,8 percent due to drought and declining international metal prices. IMF head of mission, Domenico Fanizza yesterday told journalists that the 1,5 percent gr...
Zim to renegotiate IMF, WB debt 8 September 2015 HARARE - Zimbabwe is set to meet with multilateral creditors next month at the International Monetary Fund (IMF) and the World Bank (WB) conventions in Lima, Peru, to renegotiate the country's external debt, a Cabinet minister said. Finance minister Patrick Chinamasa yesterday told journalists...
Zim economy to regress further: IMF 23 April 2015 HARARE - Zimbabwe's economy is set to slump further this year due to continued decline in global commodity prices, fiscal challenges, and possible difficulties in policy implementation, the International Monetary Fund (IMF) has said. This comes as the Bretton Woods institution had earlier pred...
Zim pays IMF paltry $150k 11 March 2015 HARARE - Broke Zimbabwe government is making paltry 'token' payments of $150 000 monthly to the International Monetary Fund (IMF) to clear its $124 million debt, Finance minister Patrick Chinamasa has said. Zimbabwe is badly in debt, owing nearly $10 billion in domestic and foreign obligations...
Clear arrears first, IMF tells Zim 5 March 2015 HARARE - The International Monetary Fund (IMF) says Zimbabwe must first clear its more than $150 million debt to the Bretton Woods institution before the country can access any new loans. Domenico Fanizza (pictured), the IMF head of mission to Zimbabwe told Parliament's Finance committee on We...
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, ...
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 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...