Zimbabwe repays IMF US$15m

HARARE – Zimbabwe has paid an extra US$15 million (N$90 million) towards its debt arrears to the IMF as the fund sent in a review team ahead of a March deadline for the country to clear its debt, a government-controlled newspaper reported yesterday.

The International Monetary Fund executive board in September gave Zimbabwe a six-month reprieve to settle its arrears or risk being expelled. An IMF team was expected in Harare yesterday on a mission to review Zimbabwe’s economic problems and programmes, and also to probe the source of money used to pay its arrears to the fund.The Herald said yesterday Zimbabwe – which since September has paid the IMF US$145 million – forked out an additional US$5 million last week after a US$10 million payment in December “in a development that might see the country surviving expulsion.”The latest payment had left Zimbabwe needing just US$14,6 million to clear its arrears under the IMF’s critical General Resources Account and US$125 million under the Poverty Reduction Growth Facility, it said.Payments to the IMF have left observers wondering, but central bank governor Gideon Gono has insisted the funds came from export earnings, inflows from expatriate Zimbabweans and locals working for foreign-owned organisations who are paid in foreign currency.- Nampa-ReutersAn IMF team was expected in Harare yesterday on a mission to review Zimbabwe’s economic problems and programmes, and also to probe the source of money used to pay its arrears to the fund.The Herald said yesterday Zimbabwe – which since September has paid the IMF US$145 million – forked out an additional US$5 million last week after a US$10 million payment in December “in a development that might see the country surviving expulsion.”The latest payment had left Zimbabwe needing just US$14,6 million to clear its arrears under the IMF’s critical General Resources Account and US$125 million under the Poverty Reduction Growth Facility, it said.Payments to the IMF have left observers wondering, but central bank governor Gideon Gono has insisted the funds came from export earnings, inflows from expatriate Zimbabweans and locals working for foreign-owned organisations who are paid in foreign currency.- Nampa-Reuters