See also:
» 20.04.2010 - EU to pay for Zimbabwe constitution draft
» 02.03.2010 - Obama extends Zim sanctions for another year
» 23.02.2010 - Botswana and Zimbabwe irons out difference
» 19.02.2010 - IMF restores Zimbabwe’s voting rights
» 17.02.2010 - Not so quick Robert...
» 27.01.2010 - Australia entrust SA with Zim recovery funding
» 08.12.2009 - $378 million aid appeal for Zimbabwe launched
» 07.12.2009 - Zimbabwe’s humanitarian situation to be assessed

China wholesale online through

Houlihan's coupons

Finn autentiske matoppskrifter fra hele verden på
Gazpacho Børek Kartoffelsalat Taboulé Gulasj Albóndigas Cevapi Rougaille Japrak sarma Zwiebelbrot Klopse Giouvetsi Paella Pljeskavica Pica pau Pulpo a la gallega Flammkuchen Langosj Tapenade Chatsjapuri Pasulj Lassi Kartoffelpuffer Tortilla Raznjici Knödel Lentejas Bœuf bourguignon Korianderchutney Brenneslesuppe Proia Sæbsi kavurma Sardinske calamares

Autentiske matoppskrifter fra hele verden finner du på
Réunion Portugal Aserbajdsjan Serbia Tyskland Seychellene Bosnia Spania Libanon Belgia India Kroatia Hellas Italia Ungarn Komorene Georgia Mauritius Østerrike Romania Frankrike

Economy - Development | Politics

"Nascent economic recovery" in Zimbabwe

Zimbabwe's Finance Minister Tendai Biti is hailed for his economic policies

afrol News, 23 March
- Zimbabwe's Finance Minister Tendai Biti is getting international recognition for having been able to turn around the disastrous collapse of the country's economy. Tough reforms are already giving results, a new analysis reveals.

Minister Biti, representing the "opposition" Movement for Democratic Change (MDC) in the Harare unity government, was today given thumbs up by a visiting delegation from the International Monetary Fund (IMF). The IMF mission was in Zimbabwe to analyse recent economic trends.

IMF mission leader Vitaliy Kramarenko in a statement could not conceal his being impressed by the changes in economic management in Zimbabwe. "In 2009, following a decade of economic decline and hyperinflation during 2007–08, policies improved significantly," he noted.

Price stability had been restored, financial intermediation had restarted, and fiscal discipline had been imposed by Minister Biti, who is also the MDC party Secretary General.

"Budget revenue increased significantly, which helped finance improved delivery of public services, while the fiscal position was broadly balanced. Price and exchange system liberalisation improved allocation of resources and availability of goods in the domestic markets," Mr Kramarenko told his Harare host.

Concluding this summary of Zimbabwe's economic reforms in 2009, the IMF analyst said all these positive steps had already "supported a nascent economic recovery."

Of course, all was not well, despite Zimbabwe's economy now ein led into the right direction. "The economic recovery remains fragile and domestic and external imbalances are building up. Therefore, significant policy challenges need to be addressed without delay," Mr Kramarenko warned.

"Zimbabwe remains heavily dependent on humanitarian assistance to meet basic needs of its population," he added. "Continuing efforts to strengthen relations with the international community and attracting increased donor assistance, in particular in the areas of health, education, and critical infrastructure, would help improve the living conditions of ordinary Zimbabweans."

The IMF has been among the first to start assisting Zimbabwe to turn its economy towards new growth while donors mostly still are waiting for true democracy reforms. In addition to technical assistance and policy advices, the Fund has contributed with real money to fund reforms.

Earlier this month, Minister Biti was able to allocate the first major loan received from the Fund. Some US$ 100 million were spent on urgent infrastructure repairs and developments. This included rehabilitation of power plants, roads, bridges, the Harare airport, rail, water and sanitation, housing and telecommunications.

Zimbabwe's economic growth has been negative during most of the past decade, shrinking at an annual rate of around 5 to 7 percent. The IMF has not produced an economic growth forecast for Zimbabwe yet, but foreign business consultancy companies expect quick growth in Zimbabwe already in 2010. "Companies & Markets" recently however downgraded its 2010 forecast for Zimbabwe to an expected GDP growth of 10.9 percent - down from an earlier forecast of 15.2 percent - due to slow gains on the political scene.

And it is the political uncertainty that keeps Zimbabwe's economy from truly recovering. As there is no trust in President Robert Mugabe and his willingness to implement democratic reforms, both donors and business investors still do not want to commit significant funds to the country.

- Create an e-mail alert for Zimbabwe news
- Create an e-mail alert for Economy - Development news
- Create an e-mail alert for Politics news

    Printable version

On the Afrol News front page now

Rwanda succeeds including citizens in formal financial sector

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.

Famine warning: "South Sudan is imploding"

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.
Panic in West Africa after Ebola outbreak in Guinea

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.
Ethiopia tightens its already strict anti-gay laws

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.
Ethiopia plans Africa's biggest dam

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 

©  afrol News. Reproducing or buying afrol News' articles.

   You can contact us at