IMF official recommends comprehensive package of reforms for Zim

IMF official recommends comprehensive package of reforms for Zim

IMF African Department Director Abebe Aemro Selassie has described Zimbabwe's situation as 'very very difficult'.


FILE: A man holds bond notes released by the Reserve Bank of Zimbabwe in Harare central business centre on 28 November 2016. Picture: AFP.

Eyewitness News  | 7 days ago

HARARE - A top International Monetary Fund (IMF) official is warning Zimbabwe's bond notes alone won't solve the economic problems facing the country.

Zimbabwe introduced the bond notes in November, and they've become the only cash that some local banks are now dispensing.

IMF African Department Director Abebe Aemro Selassie has described Zimbabwe's situation as "very very difficult".

He’s told a press conference in Washington that bond notes alone won’t fix economic challenges there, and he’s recommended a comprehensive package of reforms.

The bond notes were supposed to ease cash shortages and promote exports.

But foreign currency inflows remain low, and US dollars have now become extremely scarce.

State media is reporting today that local bakers want to hike the price bread by up to 25% because cash shortages are making it more expensive to import flour.

http://ewn.co.za/2017/04/24/international-monetary-fund-imf-official-recommends-comprehensive-package-of-reforms-for-zimbabwe