IMF Zimbabwe Head Says Country Meeting Financial Benchmarks

(IDEX Online News) – The International Monetary Fund's (IMF) Head of Mission to Zimbabwe said the country has met all the quantitative targets and structural benchmarks as outlined by the IMF's Staff Monitored Program (SMP).

The IMF's Domenico Fanizza said the country has redoubled efforts on economic reforms to create an environment conducive for private sector investment, reported state-run newspaper The Herald.

"Zimbabwe met all the required targets that we set for the end-June review period," Fanizza said at a press conference, the paper said. "We strongly believe that Zimbabwe's decision to re-engage international financial institutions will go a long way in instilling confidence within the country's economy. This is a great step towards the proposed debt rescheduling."

He added, however, that economic conditions remain difficult. Economic growth had slowed down due to insufficient financial flows despite a good agricultural season.

Finance and Economic Development Minister, Patrick Chinamasa, said that Zimbabwe was prepared to work with the IMF to normalize relations with all creditors and solutions to its debts.