New Zimbabwe (London)

12 June 2014

Zimbabwe: IMF Names First Zimbabwe Rep in 10 Years

IMF downbeat about Zim prospects

The International Monetary Fund has appointed a resident representative in Zimbabwe for the first time in 10 years as the country seeks to mend relations with the lender.

Christian Beddies is the IMF's first appointment in Zimbabwe since 2004 when the Washington-based lender closed its office in the country, two officials with knowledge of the development said, declining to be identified because they aren't authorized to speak to media on the matter.

The IMF is "finalizing the process for appointing a resident representative in Harare," who should be in place in July, the IMF said, without identifying the appointee.

Zimbabwe has been in default to the IMF since 1999, former Finance Minister Tendai Biti said last year. The government said in March it will make a "token payment" to the IMF as the country works on a program to reduce its debt.

President Robert Mugabe's government is trying to spur the recovery of the economy, which shrank by 40 percent between 2000 and 2008.

The IMF estimated that the country's inflation rate reached 500 billion percent in 2008 after the seizure of white-owned commercial farms disrupted exports of crops including tobacco and roses.

In 2009 the country abandoned its currency in favour of the dollar and the South African rand to tame inflation.

Ads by Google

Copyright © 2014 New Zimbabwe. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.