IMF lifts sanctions against Zimbabwe

The Executive Board of the International Monetary Fund (IMF) approved yesterday on a lapse of time basis, the removal of the remedial measures applied to Zimbabwe that had been in place because of the member's overdue financial obligations to the Poverty Reduction and Growth Trust (PRGT), effective November 14, 2016.

The IMF confirmed on Monday that it had removed the remedial measures against the country.

The IMF, however, maintained that the move did not mean that it would consider new requests for funding from President Robert Mugabe's administration.

The international lending institution said that Mugabe should implement the reforms first and also repay other international creditors, including the World Bank, and the African Development Bank (AfDB).

Reports in October said that Zimbabwe paid off 15 years of arrears with the IMF, taking the first key step towards restoring its access to international loans.

IMF spokesperson Gerry Rice said at the time that the country paid off around $108m, and "is now current on all its financial obligations to the IMF".

The recent IMF repayment came amid an ongoing severe economic downturn that has been worsened by drought conditions and suppressed commodity prices.