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IMF Team Commends Zimbabwe for Economic Gains, Central Bank Reforms

  • Gibbs Dube

Official sources said the IMF Article IV consultation team, expected to release its findings shortly, was concerned at the recent publication of regulations for the indigenization of the mining sector

The International Monetary Fund has commended Zimbabwe for significant reforms at the Reserve Bank of Zimbabwe and other economic measures that have slightly turned around the dollarized economy - but has concerns about the country's indigenization program.

State officials said an IMF delegation which has been in the country for consultations is pleased with economic progress and a the restructuring of the central bank.

But they said the team, expected to release its findings soon, was concerned at the recent publication of regulations for the indigenization of the mining sector. The new rules do not specify how mining firms will be compensated for shares made over to indigenous investors including so-called sovereign wealth funds and other black empowerment vehicles.

Employers Confederation of Zimbabwe President John Mufukare said the IMF team is expected to highlight the pitfalls of the indigenization program in its report.

"The delegation was not happy about the country's indigenization program which does not respect property rights of individuals and companies," said Mufukare.

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