luckson zembe imf.jpgEconomic experts say Zimbabwe has the right to choose an official currency for the country as opposed to the dictates of the International Monetary Fund (IMF).

 

This follows a latest IMF report which revealed that Zimbabwe should use the South African Rand as its official currency.

 

 

 

However, officials from the Ministry of Finance say Zimbabweans have the right to choose a currency in line with the country’s economic recovery goals.

 

An economic commentator, Mr. Trevor Jakachira said the IMF should let homegrown economic policies determine the economy.

 

“What they are saying is not the right thing because we feel Zimbabweans can still control their own economic destiny,” he said.

 

Zimbabwe National Chamber of Commerce former president, Mr. Luxon Zembe said the IMF should instead restore financial support towards the revival of key economic sectors, instead of interfering on the country’s currency reforms.

 

He said: “It is in the interests of the Zimbabwean economy that whatever we should do rests on the need to revive the economy of the country.”

 

Another economic expert, Mr Edson Mutodzwa said the IMF policies should be taken with caution, as history shows that the Bretton Woods Institution’s structural adjustment programmes created economic challenges for the country.

 

“The IMF is not the right element to decide on what currency we should use. This should be an element of Zimbabweans only,” he commented.

 

Government has already dismissed recent IMF predictions that the economy will register a 2,2% decline, saying the economy is still on course to achieve a 7,7% growth by December this year on the back of  macro-economic stability.