IMF says bond notes will not solve Zim’s economic problems

Posted by Maveriq

The International Monetary Fund (IMF) has said that bond notes will not solve Zimbabwe’s economic problems. The IMF said that only comprehensive reforms can address the financial crisis due to limited foreign exchange inflows and a lack of monetary policy tools since Zimbabwe’s adoption of the US dollar in 2009.

The Director of the IMF’s Africa Department, Abebe Aemro Selassie, told reporters in Washington

We think that, going down this one (bond) note route, in and of itself, will not address the challenges that the country has

So, it’s very important to have a more comprehensive policy package which also addresses a lot of the fiscal challenges that the country faces, a lot of the structural reforms that have to be done.

So, it’s, again, more of a holistic package of reforms that are required to get Zimbabwe out of the place it’s in right now,

More: Herald

Bond Notes

Bond Notes are a currency of notes backed by a bond that the Zimbabwe government announced on 4 May 2016 by Reserve Bank of Zimbabwe (RBZ) governor John Mangudya. The $2 denomination of the notes was finally introduced on 28 November 2016. More notes were... Read More About Bond Notes

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