Zimbabwe uses IMF funds to support disbursed funds

The government has provided $ 5001 million in financial support to support the falling currency.

as if Bloomberg

Zimbabwe uses more than $ 961 million in special funds to support its devalued currency.

The government dropped the 1: 1 pound between the re-issued Zimbabwean dollar and the compound in February 2019. The currency is currently trading at $ 85.82 and has even fallen on the black market, making it difficult for the government to fall. Locally accepted, and generally not sprayed abroad.

“We want to give back $ 500 million in foreign exchange support,” Zimbabwe’s Finance Minister Mituli Nkube said in an interview on Tuesday.

South Africa According to the IMF, inflation rose to 500 billion percent in 2009, leaving the Zimbabwe dollar against the US dollar and trading in various currencies, including the US dollar and the South African rand. A.D. The economy has weakened since the start of the failed land reform program in 2000, which marked the capture of white-owned commercial farms and subsequent declining revenues.

Zimbabwe’s residual SDRS will be used to support the acquisition of covand-19 vaccines, investment in schools, hospitals and roads and other priorities, Nikuku said. He said a fund will be set up to help producers and mining companies buy new equipment, as well as encourage the development of the fruit and berry industry by encouraging the development of roses, macadamia nuts and blueberries.

The IMF has invested $ 650 billion in reserve funds to build self-confidence and build stability and stability in the global economy in the wake of the cholera epidemic. The reserves are allocated to all 190 fund members, with 70% going to the 20 major economies and only 3% to low-income countries.

Zimbabwe has no use of its reserves to pay off its $ 8 billion debt, although its arrears prevent it from borrowing large sums of money from many creditors.

The Nkube government has confirmed that the government intends to borrow money from private lenders to compensate white farmers. Bloomberg first reported the default on August 16.

Farmers’ compensation

Zimbabwe has agreed to pay $ 3.5 billion to farmers to resolve a two-decade-old dispute that has damaged relations with Western countries, including the United States and Britain.

“The idea is to have a special purpose vehicle to collect resources from a number of sources that protect the rings on the back of special tax revenues,” Nikkube said. .

Zimbabwe exports platinum, gold, nickel and chromium.

Another US dollar bond under review is domestic sales, he said.


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