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Zimbabwe is back in the fold! This week’s ratification by the International Monetary Fund executive board for the removal of remedial measures on Zimbabwe opens a new chapter for an economy that has had to endure 15 years of restrictions that saw it fail to access assistance from the multi-lateral lender and many others that followed suit.It has been a long, arduous and traumatic journey for this economy since the imposition of restrictions by the IMF in 2001, but last month’s clearance by Zimbabwe, of the outstanding $107 million has seen the country having its rights and benefits as a legitimate member of the international financier restored once more.

On Monday the IMF executive board gave a thumbs up for the removal of what they termed remedial measures which had been placed on Zimbabwe because of the overdue financial obligations to the lender’s Poverty Reduction and Growth Trust (PRGT).

This is great news for an economy that is facing challenges, many of which emanate from its previously constricted relationship with the Breton Woods lender, from which most multilateral and bi-lateral lenders also took cue.

The measures included the removal of Zimbabwe from the list of PR GT-eligible countries, the suspension of technical assistance and the declaration of non-cooperation with the IMF that saw Zimbabwe become estranged and a problem child in the eyes of the IMF community.

As a result, Zimbabwe could not qualify for financial and technical assistance in most aspects and had its doors with other lenders closed in its face. The effects of such a stance in a world that is fast becoming a global village are quite evident in the economy.

This stance worsened the risk profile resulting in a significant reduction of external financial assistance and technical support except in times of disasters such as droughts where some aid agencies came in to assist.

However, the problem child tag has been removed and how timely for a country that is seeking assistance to augment homegrown initiatives to get the economy back on track.

We must hasten to applaud the African Development, The Africa Export and Import Bank (Afrexim Bank) and other financiers who have continued to support this country against all odds. Such all-weather friends have given Zimbabwe a major boost and the ability to somewhat, withstand the harsh effects of crossing paths with the IMF.

Of course the multi-lateral lender did not abandon Zimbabwe completely but continued to support staff-monitored economic initiatives and technical assistance, albeit at a small scale.

But all this is now water under the bridge. Government must maximise on the opportunities that come with a sound relationship with the IMF and its sister the World Bank. These two dictate the pace of financial and technical transactions globally and we believe the new dispensation will work in Zimbabwe’s favour.

The latest move should give the economy the impetus to move forward and engage the forward gear. Those that had become reluctant to assist this country no longer have the justification or legal basis to do so.

It is also about time that such bodies as the IMF and the World Bank stopped playing politics when the lives of millions of people are at stake, but should be responsible enough to give their best in terms of breathing life into situations instead of sapping life out of some of its members.

Zimbabwe is a country with immense potential as a trading partner and a destination for investment whose potential had somewhat been dimmed by the IMF stance. Therefore, the star needs to be given the opportunity to shine one more time.

The world has never been a fair place but we anticipate that the rules of the game on the international arena will not change but that Zimbabwe will be accorded its dues, as is the case with other legitimate members of the IMF.

It is in fact true that some of the provisions of the Structural Adjustment Programmes prescribed by the IMF brought Zimbabwe into an unfortunate position of huge debts and attendant challenges, hence it is only logical that the IMF begins to play an active role to ensure Zimbabwe’s economy is revived.

On its part, Zimbabwe needs to remain steadfast on its debt clearance strategy to remove the heavy burden of debt from its shoulders as it marches towards a more prosperous economy.

The IMF has done well to remove its restrictions and the onus is on Government to ensure that such developments are buttressed by sound socio-economic policies that will yield positive results for this economy. Double digit Gross Domestic Product figures are not a pie in the sky once we put our minds to it and realise the potential that resides in the economy.

The latest development is indeed a game-changer.