IMF Attributes Zimbabwe's Economic Woes To Finance Minister's Policies
International Monetary Fund (IMF)) has attributed Zimbabwe’s economic woes to policies which were introduced by Finance Minister, Professor Mthuli Ncube.
The Bretton Woods institution issued a statement on Thursday following a two-week-long mission by its team to assess progress made under the Staff Monitored Programme.
IMF Chief of the African Department Gene Leon reported that the local currency has been depreciating since the February currency reform.
Leon also observed that the depreciation of the Zimbabwe dollar against the United States dollar enhanced high inflation, which reached almost 300% year-over-year in August. He added:
Risks to budget execution are high as demands for further public sector wage increases, quasi-fiscal activities of the Reserve Bank of Zimbabwe that will need to be absorbed by the central government, and pressure to finance agriculture could push the deficit back into an unsustainable stance.
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The IMF also observed that socio-economic conditions have deteriorated immensely during the period under review.
Leon also observed that the country’s crises were being worsened by the country’s failure to quickly engage the international community.
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