Economy

Africa News: IMF Calls for Major Reforms to Turn Zimbabwe’s Economy Around

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Zimbabwe needs a “broader reform and stabilization agenda” to sustain an almost yearlong effort by authorities to support the local currency and lower inflation, the International Monetary Fund said.

The government should address pandemic-related health and social challenges, coordinate fiscal, foreign-exchange and monetary policies, and implement structural reforms aimed at improving the business climate and curbing corruption, an IMF spokesperson said Friday in an emailed response to questions.

Zimbabwe reintroduced its own currency in 2019 after a 10-year hiatus and has been battling bouts of high inflation and shortages of everything from foreign currency to food. The local unit, which was pegged at parity to the U.S. dollar two years ago, has plunged to 84.6 against the greenback, while annual inflation stands at 194%.

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