Zim must clear arrears to get loan, says IMF

ZIMBABWE cannot receive an International Monetary Fund loan program until it pays off money owed to the Fund's anti-poverty trust fund, an IMF spokesman said on Thursday.

RBZ boss John Mangudya

RBZ boss John Mangudya

“In terms of financing, Zimbabwe cannot have a financial arrangement with the IMF because it has accumulated arrears to the poverty reduction and growth trust,” IMF spokesman William Murray told a news briefing. “The Zimbabwean authorities plan to clear their arrears to this trust soon.”

Zimbabwe’s central bank governor told Reuters on Wednesday that the African country expected to receive an IMF loan in the third quarter of 2016, its first in nearly two decades, after paying off foreign lenders by the end of June.

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