IMF sending team to assess economy - Makoni

Zimbabwe Finance Minister Simba Makoni said on Tuesday that the IMF planned to establish a “monitoring programme” later this year to assess the near bankrupt country’s economic performance, news reports said on Wednesday. “We will explore the functions of the staff monitoring programme with the fund for a limited period,” Makoni told a press conference. “At the end of the limited period, if we pass, we may see dollars and cents.”

The IMF last year suspended aid because of unchecked state spending, particularly on the cost of Zimbabwe’s involvement in the Democratic Republic of Congo (DRC) conflict. Zimbabwe has since defaulted on servicing debt with the World Bank and other international donors. “The Fund will send a mission here in early March and I would not like to pre-empt those discussions,” Makoni said. He described Zimbabwe’s foreign exchange position as “precarious” with all resources from import returns last week having to be diverted to procure fuel and pay foreign based diplomats. Makoni added on a recent trip to Europe and North America he had been asked more about issues such as law and order than the Zimbabwean economy.