|IMF snub irks Zim|
|Monday, 25 June 2012 17:07|
The International Monetary Fund (IMF) says it is not in a position to provide financial assistance to the economy in a move that has raised concern over its commitment to restore ties with Zimbabwe.
According to resolutions by a visiting IMF team, the Bretton Woods institution says it will restore funding after the repayment of outstanding debts of about US$200 million.
The move has however raised concern among stakeholders over the IMF’s continuous visits to the country with business experts calling on government to ignore the institution’s policies and advice.
Business Council of Zimbabwe Executive Secretary, Mr John Mufukare confirmed that while captains of industry and commerce had in their meetings with the IMF team lobbied for the resumption of financial aid, arguing that sanctions are creating challenges for the economy to recover, they were however informed by the visiting team that there is need to clear debts.
“We were also shocked by that move and we do not know what to do,” said Mr Mufukare.
The IMF delegation, which was in the country in the past two weeks, held meetings with government, captains of industry and the central bank, among other stakeholders.
However, economic observers have questioned the alleged partnership between the Ministry of Finance and the IMF in crafting national budgets yet its Economic Structural Adjustment Programmes (ESAPs) of the 1990s created hardships for developing economies including Zimbabwe.