IMF removes stringent measures on Zim

The International Monetary Fund (IMF) board has removed remedial measures on Zimbabwe following the country’s settlement of its overdue obligations last month.

Although this will not result in the resumption of fresh credit lines, it marks a key step in Zimbabwe’s re-engagement with international financial institutions.

Last month, Zimbabwe used its special drawing rights holdings with the IMF to clear the $107,9 million overdue obligation to the Poverty Reduction and Growth Trust (PRGT).

This story is for NewsDay subscribers.