Business / Economy
International Monetary Fund (IMF) delegation to visit Zimbabwe
23 Feb 2011 at 20:51hrs | Views
An International Monetary Fund (IMF) delegation is expected to visit Zimbabwe next week to assess the state of the economy, amid calls from economists for Government not to allow members of the Breton Woods institution to dictate economic policies.
The International Monetary Fund delegation which will be in the country from the 1st to the 14th of March this year is expected to hold discussions with key Government ministries, the Reserve Bank of Zimbabwe and organisations representing industry on economic policies to increase output, boost savings and stimulate investment .
However, economic experts are of the view that Government should not allow the IMF to set the pace in terms of economic policies after the institution last year refused to grant the country access to its loans despite restoring voting rights.
An economic commentator, Mr. Godfrey Dupwa said Government should instead focus on internal resources in terms of consolidating economic gains that have been achieved instead of relying on external financiers.
"Government should learn from the past that this Bretton Woods institution is biased in its policies and should not even try to determine economic activities," said Mr. Dupwa.
Given the extent to which the economy is showing signs of recovery on the back of improved productivity in sectors such as agriculture, mining, tourism and manufacturing, the managing director of a local freight company, Mr. Patrick Gwasira said Government should concentrate on home grown economic policies.
"What is now needed is to focus on the local policies to provide the basis towards economic revival in the short to long term," Mr. Gwasira said.
The IMF has been criticised by stakeholders for its lack of commitment to the economic growth of third world countries.
This fact has been ably supported by Structural Adjustment Programmes which dismally failed in African countries, including Zimbabwe in the 1990s.
In Zimbabwe, the Economic Structural Adjustment Programme (ESAP) caused untold suffering to the people through job losses as the Breton Woods institutions insisted on cutting social amenities budgets.
The International Monetary Fund delegation which will be in the country from the 1st to the 14th of March this year is expected to hold discussions with key Government ministries, the Reserve Bank of Zimbabwe and organisations representing industry on economic policies to increase output, boost savings and stimulate investment .
However, economic experts are of the view that Government should not allow the IMF to set the pace in terms of economic policies after the institution last year refused to grant the country access to its loans despite restoring voting rights.
An economic commentator, Mr. Godfrey Dupwa said Government should instead focus on internal resources in terms of consolidating economic gains that have been achieved instead of relying on external financiers.
"Government should learn from the past that this Bretton Woods institution is biased in its policies and should not even try to determine economic activities," said Mr. Dupwa.
"What is now needed is to focus on the local policies to provide the basis towards economic revival in the short to long term," Mr. Gwasira said.
The IMF has been criticised by stakeholders for its lack of commitment to the economic growth of third world countries.
This fact has been ably supported by Structural Adjustment Programmes which dismally failed in African countries, including Zimbabwe in the 1990s.
In Zimbabwe, the Economic Structural Adjustment Programme (ESAP) caused untold suffering to the people through job losses as the Breton Woods institutions insisted on cutting social amenities budgets.
Source - Mafu Sithabile
