Arab Today, arab today zimbabwe sees imf program as key to debt relief
Last Updated : GMT 23:41:58
Arab Today, arab today
Arab Today, arab today

Zimbabwe sees IMF program as key to debt relief

Arab Today, arab today

Arab Today, arab today Zimbabwe sees IMF program as key to debt relief

Harare - XINHUA

A senior Zimbabwean official on Friday said implementing economic reforms proposed by the International Monetary Fund (IMF) remains the best way possible for the country to be qualify for international debt relief. Zimbabwe sits on a huge public external debt of more than 6 billion U.S. dollars, excluding the debt owed by the central bank and the private sector. The country is also suffering a severe liquidity crunch due to lack of significant foreign direct investment and lines of credit. The unsustainable foreign debt to multilateral institutions has affected the country's capacity to get new financing from the international market. The bulk of the debt dates back to more than a decade ago. The Head of Zimbabwe Aid and Debt Management Office in the Ministry of Finance, Andrew Bvumbe, was quoted by the Herald newspaper as saying that passing the IMF's staff monitored program (SMP) test was key for the country to earn debt relief and unlock new financing channels. "We cannot resolve our debt without the endorsement of the IMF, " Bvumbe said "The gatekeeper is the IMF, without that we are going nowhere." Zimbabwe signed the SMP with IMF in June last year which entails a cocktail of economic reforms, including strengthening public financial management and the banking sector, cutting government's wage bill, and improving transparency in the diamond sector. The SMP was due for first review in December but because of little progress by the southern African country, the IMF in January extended the SMP by six months to allow the government to strengthen its polices. If successful, the program could help the country clear its external debt and give it access to new credit from international lenders. In March this year, Finance Minister Patrick Chinamasa said Zimbabwe will need more time to deal with its huge public sector wage bill, which accounts for roughly 70 percent of the government's annual budget.

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 zimbabwe sees imf program as key to debt relief Arab Today, arab today zimbabwe sees imf program as key to debt relief

 



Arab Today, arab today
Arab Today, arab today Ideen Belmahdy happy to be part of “ Fashion Star”

GMT 17:00 2017 Sunday ,26 February

Ideen Belmahdy happy to be part of “ Fashion Star”
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 14:44 2017 Saturday ,25 February

China overtakes US as Germany’s top trade partner

GMT 05:53 2017 Saturday ,25 February

Global sovereign debt to hit new all-time high

GMT 05:17 2017 Saturday ,25 February

Oil world cautious on Trump’s next move

GMT 09:59 2017 Friday ,24 February

Baidu revenue slips anew amid ad clampdown

GMT 05:20 2017 Thursday ,23 February

WTO ratifies first multilateral trade deal
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre
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