IMF says concerted international effort needed to help restore Zim economy

The country has been isolated following sanctions and has even lost its currency but its new President Emerson Mnangagwa has promised to resuscitate the economy and attract investments.

A man walks past the headquarters of the International Monetary Fund (IMF) on 30 June 2015 in Washington, DC. Picture: AFP.

JOHANNESBURG - The International Monetary Fund (IMF) says it’s planning to help Zimbabwe in restoring and growing its economy.

This follows the resignation of Robert Mugabe who led the country for nearly four decades and plunged it into a deeper economic crisis.

The country has been isolated following sanctions and has even lost its currency but its new President Emmerson Mnangagwa has promised to resuscitate the economy and attract investments.

Zimbabwe has been unable to borrow funds from the IMF since 1999 when it started defaulting.

The IMF’s Gerry Rice says the funds will help Zimbabwe to stabilise its economy.

“We stand ready to support the authorities in their efforts to design policies that can indeed restore stability and growth. In addition to a strong and coherent reform program, we see a concerted international effort will be required to revive and reintegrate the Zimbabwean economy.”