Suffering from decades of decline and hyperinflation, Zimbabwe has not been able to borrow from international lenders since 1999.
HARARE - Zimbabwe has reached an agreement with the International Monetary Fund on a programme of economic policies and structural reforms that could pave the way to the crisis-hit country re-engaging with international financial institutions.
“Zimbabwe is facing deep macroeconomic imbalances, with large fiscal deficits and significant distortions in foreign exchange and other markets, which severely hamper the functioning of the economy,” Gene Leon, leader of the IMF staff team, said in a statement. Under the agreement with the IMF, policies will focus on eliminating the government’s double-digit fiscal deficit and adoption of reforms to allow market forces to drive the functioning of foreign exchange and other financial markets.
Leon had met with Finance Minister Mthuli Ncube, Reserve Bank of Zimbabwe Governor John Mangudya and other officials in a continuation of talks which aim to implement a set of policies facilitating a return to economic stability.
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