Zimbabwe expecting $984 million IMF loan in 3rd quarter

Zimbabwe expects a loan from the International Monetary Fund in the third quarter of this year, the first since 1999, the central bank governor said yesterday.

Dr John Mangudya said the IMF would decide the exact amount of the loan to issue at a later date. The fund had agreed to double the amount available for Zimbabwe to $984 million, he said.

"We are talking about the third quarter, that's when you see most of the action happening," Dr Mangudya said in an interview, referring to when Harare expected the loan.

Government last week agreed to major reforms including compensation for evicted white farmers and a big reduction in public sector wages as the country tries to woo back international lenders.