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IMF: Major Effort Needed to Revive Ailing Zimbabwe Economy

FILE: People queue to withdraw cash outside a bank in Harare, Zimbabwe, Nov. 28, 2017.

The International Monetary Fund (IMF) will send a team to Zimbabwe in early December for an update on the country’s economic situation.

IMF spokesman Gerry Rice told the Voice of America that a major international effort will be needed to “revive and reintegrate” Zimbabwe’s economy.

Rice said the IMF is ready to support the effort.

However, he said, the organization will not provide new cash assistance until Zimbabwe addresses the debts it owes the World Bank and other international lenders.

Zimbabwe owes various international finance institutions millions of dollars it received in loans when Robert Mugabe was still the country’s president.

Current president Emmerson Mnangagwa has vowed to pay the outstanding debts though the country appears to be facing a cash crisis as the United States dollar has even vanished in commercial banks.

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