Zimbabwe needs immediate economic reforms, warns IMF

Zimbabwe needs immediate economic reforms, warns IMF
Published: 23 November 2017 (694 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

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