imf.jpgThe visiting International Monetary Fund (IMF) delegation’s bid to assist in crafting Zimbabwe’s 2011 Mid-Term Budget is likely to hit a snag following stiff resistance from industry and government.

 

The IMF team, which arrived in the country last week, has come under fire from stakeholders for its involvement in economic policy issues amid revelations that cabinet and industry representatives are resisting attempts by the institution to help in formulating the 2011 Mid-Term Budget.

Official sources close to the IMF team told ZBC News that cabinet, government and the business community are against the IMF’s plan to provide input in the country’s fiscal policies.

Mashonaland Chamber of Industries (MCI) Immediate Past Vice President, Mr. Patrick Gwasera says the IMF should instead provide lines of credit required to revive industry and commerce.

 

“We don’t need their input in the budget, but they should release funds,” said Mr. Gwasera.

An economic commentator, Mr. Godfrey Dupwa says the IMF’s involvement in the country’s 2011 mid-term budget raises suspicion as it is the same institution which is refusing to avail funds to Zimbabwe.

“This entire policy is likely to fail, I understand it is being resisted,” said Mr.Dupwa.

Economic observers say Zimbabweans should instead focus on home grown solutions as the Bretton Woods institution’s Economic Structural Adjustment Programmes of the early 90s brought more suffering to developing nations, including Zimbabwe.