Source: Embrace Investor Friendly Policies To Enable Economic Recovery- IMF Tells Mnangagwa | ZimEye
Terrence Mawawa|An official from the International Monetary Fund (IMF) has advised incoming President of the Republic of Zimbabwe, Emmerson Mnangagwa to introduce investor friendly policies to ensure quick economic recovery.
IMF Mission Chief, Gene Leon, said Zimbabwe must act quickly to dig its economy out of the current abyss and access international financial aid.
Government expenses and foreign debt are too high hence the need for urgent structural reforms, said Leon.
The once thriving economy is now regarded as a regional basket case.
“The economic situation in Zimbabwe remains very difficult,” Leon told Reuters.
He said high government spending should be drastically reduced and Zimbabwe should address the large international debt it has defaulted on when Robert Mugabe was in office.
“Immediate action is critical to reduce the deficit to a sustainable level.There is urgent need to accelerate structural reforms,” Leon said.
Mugabe’s policies, including disastrous land reforms and printing too much money, have been blamed for the calamitous state of Zimbabwe’s economy.
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