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IMF warns Zimbabwe
28 Jan 2016 at 06:24hrs | Views
The International Monetary Fund (IMF) has warned Zimbabwe to start implementing its plan to resolve the country's external debt arrears or risk losing momentum in its bid to re-engage international financiers.
The country last year tabled proposals to clear US$1,8 billion in arrears to the World Bank (WB), IMF and the African Development Bank (AfDB), to pave way for new funding. The country has been unable to access offshore funding due to international arrears to the multilateral financial institutions and other lenders.
The arrears clearance plan, which was presented to international creditors during an IMF and WB annual meetings in October last year by the government in Lima, Peru, entails Zimbabwe clearing arrears to IMF amounting to $110 million, WB (US$1,15 billion) and AfDB ($601 million) by the end of April this year.
Meanwhile, Zimbabwe's exports to the European Union (EU) were down by 29% for the first 10 months of 2015 due to a slump in diamond and cane sugar exports to the bloc, latest data has shown.
For the 10-month period from January to October 2015, Zimbabwean exports to Europe stood at €350 million from €493 million.
Diamond exports to Europe went down to €18,5 million for the period under review compared to €95,8 million in 2014, while cane sugar exports in 2015 stood at €76,1 million from €115,2 million in 2014.
Despite the fall in diamonds and cane sugar exports, EU ambassador to Zimbabwe Phillippe van Damme said the "positive side is that the country's exports to EU are diversified and mostly agricultural products". Tobacco exports slumped to €83 million during the 10-year period from €99 million in 2014, he said.
The country last year tabled proposals to clear US$1,8 billion in arrears to the World Bank (WB), IMF and the African Development Bank (AfDB), to pave way for new funding. The country has been unable to access offshore funding due to international arrears to the multilateral financial institutions and other lenders.
The arrears clearance plan, which was presented to international creditors during an IMF and WB annual meetings in October last year by the government in Lima, Peru, entails Zimbabwe clearing arrears to IMF amounting to $110 million, WB (US$1,15 billion) and AfDB ($601 million) by the end of April this year.
Meanwhile, Zimbabwe's exports to the European Union (EU) were down by 29% for the first 10 months of 2015 due to a slump in diamond and cane sugar exports to the bloc, latest data has shown.
For the 10-month period from January to October 2015, Zimbabwean exports to Europe stood at €350 million from €493 million.
Diamond exports to Europe went down to €18,5 million for the period under review compared to €95,8 million in 2014, while cane sugar exports in 2015 stood at €76,1 million from €115,2 million in 2014.
Despite the fall in diamonds and cane sugar exports, EU ambassador to Zimbabwe Phillippe van Damme said the "positive side is that the country's exports to EU are diversified and mostly agricultural products". Tobacco exports slumped to €83 million during the 10-year period from €99 million in 2014, he said.
Source - fingaz
