Zim to get first IMF loan in 20 years

Zim to get first IMF loan in 20 years

ZIMBABWE  expects a loan from the International Monetary Fund in the third quarter of this year, the first since 1999, the central bank governor said on Wednesday.

John Mangudya said the IMF would decide the exact amount of the loan to issue at a later date. The fund had agreed to double the amount available for Zimbabwe to US$984 million, he said.

“We are talking about the third quarter, that’s when you see most of the action happening,” Mangudya told Reuters in an interview, referring to when Harare expected the loan.

President Robert Mugabe’s government last week agreed to major reforms including compensation for evicted white farmers and a big reduction in public sector wages as the government tries to woo back international lenders.  –Reuters