The IMF says that the local currency is failing to get market confidence because of the uneven implementation of reforms
Harare — The International Monetary Fund and the African Development Bank have given the thumbs down to Zimbabwe’s economic reform programme, saying that the country needs to do more to get out of its quagmire.
In a statement after concluding a visit to the country this week, the IMF said Zimbabwe is experiencing an economic and humanitarian crisis, with macro-economic stability a challenge. The IMF said that, although authorities have created an inter-bank foreign exchange market, the local currency is failing to get market confidence because of the uneven implementation of reforms.
Corruption has been one of the major challenges upsetting Zimbabwe’s economy and the IMF urged the government to address it, as well as to enforce the rule to improve the business climate.
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