Accessibility links

Zimbabwe Says IMF Gives $510 Million


Zimbabwe says the International Monetary Fund is giving it $510 million from a fund for countries struggling to recover from the global recession.

A report in Zimbabwe's state-run Herald newspaper Friday says the IMF has already dispersed about $400 million, with the rest of the money expected next week.

The IMF has not yet commented on the report.

Zimbabwean leaders have been seeking billions of dollars in foreign aid to lift the country out of a long and deep economic crisis.

Earlier this year, the IMF agreed to provide technical help and supervision to Zimbabwe's central bank.

But the IMF has not given financial assistance to Zimbabwe since 1999, and suspended Zimbabwe's membership in 2001.

Zimbabwe owes the IMF at least $133 million.

The Herald quotes central bank governor Gideon Gomo as saying an agreement was reached with IMF representatives after "constant delicate discussions" over the past few months.

Western countries have pledged only small amounts of aid to Zimbabwe because of concerns that President Robert Mugabe and his allies will misuse the money.

Critics of Mr. Mugabe accuse him of gross human rights abuses and mismanaging the economy, which was once of the strongest in southern Africa.

The country has struggled with years of food shortages and hyperinflation that last year was measured at 230 million percent.

Mr. Mugabe blames the problems on sanctions against his government and interference from former colonial power Britain.

Some information for this report was provided by Reuters.

XS
SM
MD
LG