IMF Team Jets In For Second SMP Talks

5 years agoTue, 02 Apr 2019 15:58:03 GMT

A team from the International Monetary Fund (IMF) is in the country for a second staff-monitored programme (SMP) that seeks to consider possibilities of opening new credit lines to Zimbabwe.

The IMF has over the years rendered technical assistance to Zimbabwe but has hitherto refused to open up lines of credit.

Minister of Finance and Economic Development, Mthuli Ncube revealed the IMF team’s arrival. Said Ncube:

They (IMF) are in the country and we anticipate that the talks will go a long way towards increasing confidence and paving way for new avenues of growth.
… We have introduced the interbank market and other forces of economic systems that we anticipate will go a long way in the revival of this economy and shape the destiny of the future.
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Zimbabwe fell foul with the Bretton Woods institutions after it failed to fulfil its financial obligations resulting in the suspension of lines of credit at the turn of the millennium.