Story by Stanley James, Business Editor
THE International Monetary Fund (IMF) says Zimbabwe’s economy is on a growth trajectory thanks to the Second Republic’s policy interventions.
In its press release on Friday, the Bretton Woods institution praised the government for introducing reforms that have resulted in notable progress for the economy.
It cited milestones such as stable economic conditions, increased gold output, massive agricultural production, and tight monetary policies as having aided the growth prospects.
The IMF, whose board of directors has also held discussions with the government during the course of the year, is optimistic that, going forward, the current policies will lead Zimbabwe to economic prosperity.
Confederation of Zimbabwe Industries Chief Economist Dr Cornelius Dube says the sentiments by the IMF restore global confidence in Zimbabwe.
“It all signals the efforts towards normalising ties with Zimbabwe, a move that will in the future translate into increased benefits for industry and commerce as Zimbabwe needs the international community to prosper,” he said.
The restored cordial relations between Zimbabwe and the IMF are also attributed to the gains of engagement and the reengagement drive.
“It reflects the commitment by the authorities to work with the global community in a move that will set the tone for increased ties and unlock opportunities for global capital flows into the economy,” Economic Analyst, Mr Tonderayi Mudhirizi said.
Despite notable strides on the economic front, the IMF called on authorities to further guard against local and global shocks.
It noted that economic progress will depend on commitment to further reforms after the strides from the Transitional Stabilisation Programme, the National Development Strategy One and the upcoming National Development Strategy Two.
Zimbabwe has also revised upwards the growth forecast for this year to 6.6 % growth from 2% last year.
