Zimbabwe needs immediate economic reforms, warns IMF

Zimbabwe needs immediate economic reforms, warns IMF
Published: 23 November 2017 (1280 Views)
Zimbabwe must act quickly to dig its economy out of a hole and access international financial aid, the International Monetary Fund has warned.

Government spending and foreign debt are too high and it needs structural reform, Zimbabwe mission chief Gene Leon told Reuters news agency.

The country's incoming leader Emmerson Mnangagwa has pledged to grow the economy and provide "jobs, jobs, jobs".

The once-thriving economy is now seen as a regional basket case.

"The economic situation in Zimbabwe remains very difficult," Mr Leon told Reuters.

He said high government spending should be reined in and Zimbabwe should address the large international debt it has defaulted on.

"Immediate action is critical to reduce the deficit to a sustainable level, accelerate structural reforms, and re-engage with the international community to access much needed financial support," Mr Leon said.

- BBC

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Omega Sibanda launches his Zanu-PF campaign

by Staff reporter | 21 June 2018 | 115 Views

Chinamasa proud of bins ceremony

by Staff reporter | 21 June 2018 | 140 Views

Mnangagwa to tour Ekusileni

by Staff reporter | 21 June 2018 | 114 Views

Andy Muridzo wife refuses to kiss him in public

by Staff reporter | 21 June 2018 | 153 Views

Omega Sibanda launched his Zanu-PF campaign

by Staff reporter | 21 June 2018 | 101 Views

Spot FM changes name to Classic263

by Ndou Paul | 21 June 2018 | 74 Views

Mnangagwa takes campaign trail to Bulawayo

by Staff reporter | 21 June 2018 | 90 Views

ZESA employee electrocuted in Bulawayo

by Staff reporter | 21 June 2018 | 89 Views

Are tattoos good for our youths

by Tondorindo | 21 June 2018 | 91 Views

Welcome back our Original Mazoe drink

by Thomas Murisa | 21 June 2018 | 103 Views

Zanu-PF candidates threatening to shut down churches in Hobhouse

by Fanuel Chinowaita | 21 June 2018 | 119 Views

Mnangagwa to resume issuance of grants

by Staff reporter | 21 June 2018 | 87 Views

Your success is in your state of mind

by Enos Denhere | 21 June 2018 | 82 Views

Chamisa showed his true colours when he chose Mugabe over Khupe

by Anthony Mkondo | 21 June 2018 | 116 Views

Mutsvangwa barred from evicting Chipanga from farm

by Staff reporter | 21 June 2018 | 116 Views

Parly exposes Obert Mpofu

by Staff reporter | 21 June 2018 | 110 Views

Mugabe ally in court over political violence

by Staff reporter | 21 June 2018 | 104 Views

Chamisa to boycott Zimbabwe polls?

by Staff reporter | 21 June 2018 | 172 Views

WATCH: Zanu PF, MDC Alliance square off in TV debate

by CNBC Africa | 21 June 2018 | 137 Views

Woman to contest DNA test for 3rd time

by Staff reporter | 21 June 2018 | 137 Views

MTN increase LTE coverage and download speeds

by MyBroadband | 21 June 2018 | 91 Views

Mutsvangwa booed, storms out of debate

by Staff Reporter | 21 June 2018 | 198 Views

#ChinamasaChallenge a hit on Twitter

by Ndou Paul | 21 June 2018 | 165 Views

Teachers slam Mnangagwa

by Staff reporter | 21 June 2018 | 134 Views

Spot FM Zimbabwe change name to Classic263

by Ndou Paul | 21 June 2018 | 121 Views

Zuma warned Chamisa against pact with Mugabe

by Staff reporter | 21 June 2018 | 232 Views

Mugabe's health condition 'is nothing serious'

by AFP | 21 June 2018 | 109 Views

Mukupe ordered to return journalist's cellphone

by MISA | 21 June 2018 | 97 Views

URGENT: Zimbabweans who worked for Wenela eligible for compensation

by Staff reporter | 21 June 2018 | 112 Views

Cleansing ceremony for Gweru- Kwekwe highway black spot

by Staff reporter | 21 June 2018 | 159 Views

.Man hangs self in neighbour's yard

by Staff reporter | 21 June 2018 | 189 Views

Peter Ndlovu's story told in World Cup advert

by Staff reporter | 21 June 2018 | 207 Views

Banks set to cut transaction costs

by Staff reporter | 21 June 2018 | 171 Views