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IMF lifts sanctions on Zimbabwe after clearing arrears

Xinhua, November 16, 2016 Adjust font size:

The International Monetary Fund (IMF) has lifted remedial measures against Zimbabwe after the southern African country cleared its 15-year debt arrears to the multilateral financial institution last month.

The IMF, however, said any future financial assistance to Zimbabwe would depend on other applicable policies including clearing 1.15 billion U.S. dollars arrears to the World Bank, 601 million dollars to the African Development Bank (AfDB) and other arrears to multilateral creditors, bilateral official creditors and external private sector.

The economically hamstrung Zimbabwe would also need to implement strong fiscal adjustment and structural reforms to qualify for new loans, the IMF said in a statement published on its website Monday.

Facing a severe cash crunch and mounting economic woes, Zimbabwe last month settled its 108 million U.S. dollars debt arrears to the IMF's Poverty Reduction and Growth Trust (PRGT) by using part of its cash holdings kept at the Fund.

Zimbabwe had been in continuous arrears to the PRGT since February 2001 and was the only case of protracted arrears to the PRGT.

Some of the measures lifted against Zimbabwe include declaration of non-cooperation with the IMF, suspension of technical assistance and removal of Zimbabwe from the list of PRGT-eligible countries.

Zimbabwe announced in 2015 plans to clear a combined 1.8 billion dollar arrears to the IMF, World Bank and AfDB by December 2016. Endit