The Ministry of Finance and Economic Development and the Reserve Bank of Zimbabwe (RBZ) have announced that Zimbabwe has received SDR 677.4 million (USD961 million) from the International Monetary Fund (IMF).
In a joint statement this Tuesday, Minister of Finance and Economic Development Mthuli Ncube, and RBZ Governor John Mangudya expressed gratitude to the IMF for the disbursement and pledged to use the funds transparently. The statement read:
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We would like to advise the public that Zimbabwe has received SDR 677.4 million (USD961 million) from the International Monetary Fund (IMF) under the IMF’s USD650 Billion SDR allocation earmarked to provide additional liquidity to the global financial system.
The funds were deposited in the Reserve Bank of Zimbabwe account with the IMF for value 23 August 2021.
The immediate impact of this support from the IMF is to increase the foreign exchange reserves position of the country by US$961 million. This will go a long way in buttressing the stability of our domestic currency.
The funds will be used prudently, with utmost accountability, to support the social sectors namely health, education, and the vulnerable groups; productive sectors that include industry, agriculture and mining; infrastructure investment covering roads and housing, and foreign currency reserves and contingency fund, to support our domestic currency and macro-economic stability.
We would like to express our great appreciation to the IMF for this disbursement which shall be used transparently in line with the IMF guidance note.