The visiting International Monetary Fund (IMF) team has once again come under the spotlight amid revelations that their missions are not benefitting the economy.Concern is being raised from stakeholders about the continuous IMF visits into the country under Article Four Consultations.
The visits are purportedly aimed at assisting Government on economic policies, but there is growing concern over the involvement in the economic affairs of the country by the Bretton Woods institution which has failed to release funds to revive the economy.
The IMF has also been sanctioned from assisting Zimbabwe by the US.
An Economic analyst, Mr. Trevor Jakachira said the visiting IMF team which is a on a 2-week mission has raised more questions that answers from economic experts as research shows that inspite of Governmentâ€™s commitment in clearing debts owed to the institution, nothing meaningful in the form of economic assistance is coming from the fund.
â€œWe are all surprised that the fund continues to come into the country otherwise we can do it alone,â€ said Mr. Jakachira.
The IMF team which is holding talks with officials from the central bank, Government officials, business representative organisations and key stakeholders is also assessing fiscal and monetary policies, but another economic commentator, Mr. Danny Musukuma said economic gains achieved during the past 18 months is a reflection that Zimbabwe can depend on internal resources for economic recovery and growth.
â€œThere is nothing coming from the fund to the extent that what is being done by the IMF is just a mockery to the nation,â€ Mr. Musukuma said.
Inspite of the failure by the IMF to provide funding to the economy under its General Resources Account (GRA) following the restoration of voting rights to Zimbabwe, the economy is on a recovery path as official data shows that industrial capacity has increased from 10% in February 2009 to around 50% by December last year, while Gross Domestic Product, a value of goods and services produced within the country rose from US$5,7 billion in December 2009 to US$8, 3 billion by December last year.