11:46 pm
03 December 2016

IMF Lifts Sanctions Against Zimbabwe As Country Clears Arrears

The International Monetary Fund (IMF) has lifted sanctions against Zimbabwe after the southern African country settled its arrears, a report said on Tuesday.

According to New Zimbabwe, the IMF confirmed on Monday that it had removed the remedial measures against the country.

The IMF, however, maintained that the move did not mean that it would consider new requests for funding from President Robert Mugabe’s administration.

The international lending institution said that Mugabe should implement the reforms first and also repay other international creditors, including the World Bank, and the African Development Bank (AfDB).

mugabe state house

Reports in October said that Zimbabwe paid off 15 years of arrears with the IMF, taking the first key step towards restoring its access to international loans.

IMF spokesperson Gerry Rice said at the time that the country paid off around $108m, and “is now current on all its financial obligations to the IMF”.

The recent IMF repayment came amid an ongoing severe economic downturn that has been worsened by drought conditions and suppressed commodity prices.

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