Latest News Editor's Choice

News / Local

IMF mission to assess new ZiG's impact on Zimbabwe economy

by Staff reporter
09 Jun 2024 at 04:15hrs | Views
In June, an International Monetary Fund (IMF) consultation mission will visit Zimbabwe to evaluate the country's economic performance following the introduction of the Zimbabwe Gold (ZiG) currency.

ZiG became official on April 8, 2024, backed by US$575 million in hard assets, including foreign currencies and precious metals like gold.

IMF spokesperson Julie Kozack confirmed the upcoming consultations, emphasizing the focus on assessing the impact of the new currency arrangement.

Some analysts view the introduction of ZiG as a transformative step, signaling Zimbabwe's determination to forge ahead despite past economic challenges. However, others, like the Institute of Security Studies (ISS), express skepticism, citing concerns over transparency and economic mismanagement.

Meanwhile, the practical implementation of ZiG faces hurdles, particularly in informal trade and public transportation, where acceptance and availability of the new currency remain limited, leading to confusion and uncertainty among traders and the general public alike.

Source - newzimbabwe