IMF offers Zimbabwe lifeline

The International Monetary Fund (IMF) could lend Zimbabwe $500 million, as early as mid-next year subject to the country clearing its arrears with international lending institutions, an IMF executive has said.

The money would be part of the IMF stipulated quota for Zimbabwe, which is SDR350 million (about $485 million).

Special Drawing Rights (SDR) is an international reserve asset, created by the IMF in 1969 to supplement its member countries' of official reserves. It fluctuates against major currencies.

Speaking on the side lines of the Zimbabwe National Chamber of Commerce Business Review Conference yesterday in Harare, IMF country representative Christian Beddies said the lending is dependent on the commitment from government in completing the economic reform plan, the Staff Monitored Programme (SMP).

The third and final review of the SMP will be done in the first quarter of 2016.