US News Zimbabwe: In search of budget support, Harare wipes a refusal of the IMF

14:40  18 november  2021
14:40  18 november  2021 Source:   rfi.fr

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Scène de vie dans un supermarché à Harare, Zimbabwe. (illustration). © Reuters - Philimon Bulawayo Life Scene in a supermarket in Harare, Zimbabwe. (drawing).

Hard blow for Zimbabwe, at the end of a monthly mission, the International Monetary Fund refuses to provide budget support in Harare. In issue, a debt deemed unsustainable and arrears that have not been paid.

Zimbabwe dragging a debt of more than eleven billion dollars is nevertheless engaged in monetary and budget reforms greeted by the IMF. The financial institution recognizes it, Zimbabwe makes efforts. Monetary policy, fiscal policy, medium-term strategy ... Harare goes in the right direction. And after one year 2020, which saw the national wealth decrease by 11%, the country will reconnect this year with a growth of 6%, inflation is gradually reducing.

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Zimbabwe is not Sudan ...

However, this is not enough for the IMF experts who highlight the unbearable debt of $ 11 billion, including $ 6.5 billion worthy payment arrears. Dollars. More serious, the IMF reproaches Harare from having neither clear vision of the restructuring of its debt or insurance from its creditors. And that's where we realize that Zimbabwe is not Sudan. Despite its debt of fifty billion dollars, the highest in Africa, Khartoum received funds from France and especially the United States and England, money that allowed it to get the FMI favors . Zimbabwe does not have this chance.

President Emmerson Mnangagwa and a hundred personalities and Zimbabwean institutions are under European and American sanctions . The Zimbabwean economist, John Robertson, sees some of the explanation of the shyness of the IMF. He, however, deplores the risk of seeing Zimbabwe turn more towards China, and therefore towards its opaque and often very expensive credits.

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