Zim expecting IMF loan in 3rd quarter

Dr Mangudya

Dr Mangudya

Zimbabwe expects a loan from the International Monetary Fund in the third quarter of this year, the first since 1999, the central bank governor said yesterday.

Dr John Mangudya said the IMF would decide the exact amount of the loan to issue at a later date. The fund had agreed to double the amount available for Zimbabwe to $984 million, he said.

“We are talking about the third quarter, that’s when you see most of the action happening,” Dr Mangudya said in an interview, referring to when Harare expected the loan.

Government last week agreed to major reforms including compensation for evicted white farmers and a big reduction in public sector wages as the country tries to woo back international lenders. – Reuters.

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  • Simbai

    A tangled web of more long term loans to pay off long standing arrears to other long term loans, eventually paving the way to extra loans permitting compensation to evicted white farmers. That represents how many steps forward to steps backwards?
    Government has traveled so far East it has circumnavigated the globe to return West. How many generations of future Zimbabweans will be required to pay these new loans before the nation gets back to square one circa 1980?

  • kutototo

    But guys with the many mega deals from China do we still really need the IMF

  • Rawboy

    Was it a can’t pay won’t pay stance adopted for the last IMF loan? And what has changed now? How will the new loan be serviced?Seems all we ever hear is about securing these loans but never the mechanisms of paying them back.That’s worrying given the track record of this government on loan repayments.

  • Museyamwa

    Compensation for white what? The whites grabbed the land in the first place making the land the stolen item, right? That means all the years they worked on the land, they were tilling stolen item, right? They had no legal claim to that land but used violent means to suppress reclaim to its ownership. Finally that the land has been reclaimed by its rightful owner, compensation is being sought, for the thieves? Come on Governor, come on please. Anyway come to think of it, we just want money, right? and the giver in this case is the blood-line of the white thief! My advice though, take the money but do not pay back, its the little from what they stole from here to theirs!