Biti ‘confident’ voting rights will be restored

FINANCE Minister Tendai Biti will today meet the International Monetary Fund (IMF) to lobby for the restoration of the country’s voting rights and offer lines of credit.

Sources said Biti who left for the Unites States on Wednesday was confident Zimbabwe’s voting would be restored.
Before he left Biti was quoted saying Zimbabwe had received guarantees of support from the US –– which is the largest shareholder –– as well as Britain, France and Germany.
He also said he had got encouraging support from key IMF bureaucrats when he visited the US last month
The IMF suspended Zimbabwe’s voting rights in June 2003 after the country’s economy deteriorated and government fell behind on debt repayments.
The multilateral financial institution said the country would only regain the voting rights as well as financial and technical help if it cleared its arrears and implemented sound economic policies.
Zimbabwe owes the IMF US$139 million under the Poverty Reduction Growth Facility –– Exogenous Shock Facility.
Voting rights in the IMF are based on countries’ quotas and the amount of foreign exchange reserves that they have deposited in the fund. –– Staff Writer.

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