IMF pledges financial support to restore battered Zimbabwe economy

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The International Monetary Fund (IMF) has pledged financial support to Zimbabwe as part of efforts to restore its ailing economy.

The country’s economy, described as one of the most fragile in the world, has been dominated by cash liquidity problems, dollar shortages, a crumbling infrastructure and crippled utility service supplies.

IMF experts are expected in the capital Harare this week, and should meet the new cabinet.

“The regular staff visit to Harare in early December “will update our assessment of Zimbabwe’s fiscal position, foreign exchange developments and inquire about the new administration’s economic plans,” IMF spokesman Gerry Rice said.

New money cannot however be provided until several preconditions are met, including resolving arrears of roughly US$2 billion to the World Bank, Africa Development Bank and the European Investment Bank.

Zimbabwe’s economy endured years of hardship under Robert Mugabe’s rule, and many hope the new administration under President Emmerson Mnangagwa will ease the pressure.