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IMF: Zimbabwe Should Fast-Track Reform Agenda to Attract Investment

  • Irwin  Chifera

International Monetary Fund Director of the African Department Ms. Antoinette Sahey is currently visiting Zimbabwe. (IMF photo credit)

International Monetary Fund Director of the African Department Ms. Antoinette Sahey is currently visiting Zimbabwe. (IMF photo credit)

Visiting International Monetary Fund (IMF) director for the African Department, Antoinette Sayeh, says Zimbabwe should fast-track its reform agenda to attract foreign direct investment.

She said Thursday economic conditions remain difficult in the country where there is urgent need for reform.

Sayeh, who is visiting the country for the first time, told a news conference in the capital that the IMF will monitor Zimbabwe’s reform agenda under a proposed new 15-month Staff Monitored Program.

The reform agenda includes the enactment of a public debt management law, tightening the public procurement framework to make it more efficient and transparent and the strengthening the Public Finance Management Act.

This, she said, will strengthen the treasury’s financial oversight over state-owned enterprises and local authorities by June 2015.

The government is also expected to approve the draft operational framework for the acquisition of the non-performing loans by the Zimbabwe Asset Management Company and other private asset management companies.

Sayeh, whose visit to Zimbabwe ends Friday, said the IMF is keen to maintain a constructive relationship with Zimbabwe hence the re-opening of the IMF’s resident representative office in the country.

At the same time, he said growth trends remain favorable for most of sub-Saharan Africa.

She, however, said lower growth in emerging markets and anticipated monetary tightening in advanced economies could have a negative impact on the region.

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