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African Development Bank puts loan on hold

    JOHANNESBURG

    The African Development Bank (ADB) says that it has put on hold a new US $30 million loan to Zimbabwe, news reports said on Thursday.

    According to the reports the ADB said that Zimbabwe had to come to “terms with the International Monetary Fund (IMF) on the course of its troubled economic reforms.” Last week, the IMF put further credit facilities to Zimbabwe “under review” because of disagreements with the government over fiscal targets, reform policies and the cost of the country’s military intervention in the Democratic Republic of the Congo.

    “When the IMF gives a clear signal, that is when there will be consideration to release the money. For the moment there is no programme to support,” a spokesman for the ADB was quoted as saying.

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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