IMF restores Zimbabwe's voting rights

The International Monetary Fund (IMF) has restored Zimbabwe’s voting rights after a seven-year suspension over failure to pay €950m it owes the organisation and other creditors.

The International Monetary Fund (IMF) has restored Zimbabwe’s voting rights after a seven-year suspension over failure to pay €950m it owes the organisation and other creditors.

Yesterday’s decision by the IMF constitutes a first step towards endorsement of the economic policies of the coalition government formed a little more than a year ago by President Robert Mugabe and long-time rival prime minister Morgan Tsvangirai.

The southern African nation’s economy has improved under the coalition and Zimbabwe has started reducing the €100m it owed the IMF at the end of 2009.

But IMF officials said it has to produce a programme to settle debts to other creditors, such as the World Bank and bilateral lenders that total $1.3bn (€1.47bn) before the IMF can resume lending.

More in this section

Lunchtime News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up
Revoiced
Newsletter

Our Covid-free newsletter brings together some of the best bits from irishexaminer.com, as chosen by our editor, direct to your inbox every Monday.

Sign up

FREE HOME DELIVERY SERVICE

FREE HOME DELIVERY SERVICE

Your Irish Examiner delivered to your door

Subscribe today