HomePoliticsIMF executive to meet over Zim

IMF executive to meet over Zim

Godfrey Marawanyika

THE International Monetary Fund (IMF) executive board will on Wednesday review Zimbabwe’s pos

ition on debts to the fund.

The review will either result in Harare getting another stay of execution or losing its membership to the Bretton Woods institution altogether.

Already, Zimbabwe has lost its voting rights because of failure to settle debts on time.

The meeting comes at a time when relations between Harare and the international financiers seem to be improving if comments by Abdoulaye Bio Tchane, the director of IMF for Africa department, are anything to go by.

On his visit to Harare and subsequent meeting with President Robert Mugabe in November last year, Tchane described his discussions with the Zimbabwean leader as successful.

After the meeting Mugabe said that he was prepared to work with the fund on condition that it did not dictate the terms on how Zimbabwe should run its economic affairs.

On July 8 last year, the IMF board decided to postpone a recommendation for compulsory withdrawal of Zimbabwe from the IMF, providing the country with another chance to improve its co-operation with the fund in terms of payment and economic policies.

By the end of last year Zimbabwe had increased its debt payment from a quarterly amount of US$1,5 million to US$30 million by December. Of that amount, US$22 million was paid to the IMF whilst US$8 million was paid to the World Bank.

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