Arab Today, arab today imf zimbabwe must act fast to shore up economy
Last Updated : GMT 01:14:00
Arab Today, arab today
Arab Today, arab today

IMF: Zimbabwe must act fast to shore up economy

Arab Today, arab today

Arab Today, arab today IMF: Zimbabwe must act fast to shore up economy

The fast drying catchment area of the Umzingwani dam in Matabeleland
Johannesburg - AFP

Zimbabwe needs urgent reforms and fiscal belt-tightening as its moribund economy takes further knocks from low commodity prices and an ongoing drought, the International Monetary Fund warned Wednesday.

Zimbabwe has suffered an economic crisis since controversial land reforms were implemented in 2000, when farms were seized from white owners for redistribution, leading to a drastic fall in output in a country that was once Africa's bread basket.

"Economic difficulties have deepened. Zimbabwe cannot wait and needs to act now," IMF's country representative Domenico Fanizza said in a statement.

"The El Nino-induced drought has hit the economy hard" compounded by lower commodity prices and a higher US dollar.

"Policy action is needed to reverse this trend," he said.

Zimbabwe's local dollar currency was scrapped in 2009 after hyperinflation peaked at around 500 billion percent, making it unusable.

"A comprehensive and ambitious economic transformation program is needed to revive the Zimbabwean economy and to cement support among international partners," the IMF said.

The organisation praised Zimbabwe's commitments to clear outstanding debts, but stressed the need for fiscal discipline.

Civil servants have repeatedly threatened the cash-strapped government with strikes over unpaid wages.

And just last month, long-ruling President Robert Mugabe sparked outrage when he racked up a $800,000 (725,000-euro) bill for his lavish 92nd birthday party.

"Fiscal discipline is the key priority. Given the lack of resources, the authorities need to keep the cash primary accounts close to balance," said the Washington-based lender.

It also stressed the need for "consistent and transparent implementation" of Zimbabwe's controversial indigenisation scheme, adopted in 2008, under which foreign companies must transfer 51 percent of their shares to local entities or individuals.

An estimated 13 million people have left Zimbabwe in the last 15 years, with the National Association of Non-Governmental Organizations putting the jobless rate at an estimated 95 percent.

Only about 700,000 of those remaining hold formal jobs, according to employer organisation and government figures.
Source :AFP

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today imf zimbabwe must act fast to shore up economy Arab Today, arab today imf zimbabwe must act fast to shore up economy

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today 57 monkeys carrying 'invasive' genes

GMT 16:00 2017 Tuesday ,21 February

57 monkeys carrying 'invasive' genes
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday