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IMF refuses new aid for Zimbabwe

By on July 3, 2009

The International Monetary Fund has told Zimbabwe that it will not provide the country with more funds until its existing $1bn debts are settled.

Morgan Tsangirai

Morgan Tsangirai

Zimbabwe’s government estimates it will need $10bn (£6bn) of foreign aid to help rebuild its battered economy. But the IMF said that Zimbabwe would need to clear its debts and show a sustained record of sound policies before it could give financing. China recently agreed to give Zimbabwe a loan of $950m. China was one of the few countries to retain economic support for Zimbabwe in recent years.

The IMF said that Zimbabwe’s economic policies had improved and a “nascent economic recovery appears to be under way”.

Prime Minister Morgan Tsvangirai visited the US and Europe earlier this month in an attempt to raise funding for the struggling nation.

The US promised $73m in aid while the UK pledged to boost its funding by about $8m, taking its total to $98m for the year.

Mr Tsvangirai said he had received pledges totalling $500m during his trip.

BBC

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