- The International Monetary Fund (IMF) has decided today to restore Zimbabwe’s voting and related rights, and its eligibility to use resources from the IMF’s General Resources Account (GRA), following a request from Zimbabwe’s Finance Minister Tendai Biti.
However, the IMF has said that notwithstanding the restoration of the eligibility to use GRA resources, Zimbabwe will not be able to use resources from the GRA or the Poverty Reduction and Growth Trust (PRGT) until it fully settles its arrears to the PRGT of about $140 million.
“Access to IMF lending resources is also subject to IMF policies on the use of such resources, including a track record of sound policies and the resolution of arrears to official creditors, which would require donor support. Following today’s decision any remaining issues on further normalization of relations will be addressed over time,” the IMF stressed in a statement.
The Fund also said a number of remedial measures remain in place, as Zimbabwe still has outstanding arrears to the PRGT. It those were the declaration of non-cooperation; the suspension of IMF technical assistance, except in targeted areas; and the removal of Zimbabwe from the list of PRGT-eligible countries.
In 2001, Zimbabwe started to incur arrears to both the GRA and the Poverty Reduction and Growth Facility (PRGF), now renamed the PRGT. As a result, the IMF’s Executive Board imposed a number of escalating measures and declared Zimbabwe ineligible to use the general resources of the IMF, and removed Zimbabwe from the list of countries eligible to borrow resources under the PRGF.
In 2002, the Executive Board adopted a declaration of non-cooperation regarding Zimbabwe's overdue financial obligations to the IMF, and suspended the provision of technical assistance to Zimbabwe. In 2003, Zimbabwe’s voting rights at the IMF were also suspended and compulsory withdrawal procedures were initiated. It was only in May 2009, in view of a significant improvement in Zimbabwe’s cooperation on economic policies, that the IMF approved the provision of technical assistance in some targeted areas.
afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.
afrol News - The UN's humanitarian agencies now warn about a devastating famine in Sudan and especially in South Sudan, where the situation is said to be "imploding". Relief officials are appealing to donors to urgently fund life-saving activities in the two countries.
afrol News - Fear is spreading all over West Africa after the health ministry in Guinea confirmed the first Ebola outbreak in this part of Africa. According to official numbers, at least 86 are infected and 59 are dead as a result of this very contagious disease.
afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.
front page
| news
| countries
| archive
| currencies
| news alerts login
| about afrol News
| contact
| advertise
| español