News / Africa

Some Zimbabwe Restrictions Lifted, but Money Remains Tight

Zimbabwe's President Robert Mugabe speaks at the start of a conference of parties and civic society groups reviewing a draft constitution that, if adopted, will lead to Zimbabwe's next election, at a hotel in Harare, October 22, 2012.Zimbabwe's President Robert Mugabe speaks at the start of a conference of parties and civic society groups reviewing a draft constitution that, if adopted, will lead to Zimbabwe's next election, at a hotel in Harare, October 22, 2012.
x
Zimbabwe's President Robert Mugabe speaks at the start of a conference of parties and civic society groups reviewing a draft constitution that, if adopted, will lead to Zimbabwe's next election, at a hotel in Harare, October 22, 2012.
Zimbabwe's President Robert Mugabe speaks at the start of a conference of parties and civic society groups reviewing a draft constitution that, if adopted, will lead to Zimbabwe's next election, at a hotel in Harare, October 22, 2012.
The International Monetary Fund says it has relaxed restrictions on technical assistance to Zimbabwe. Analysts say the Tuesday announcement, though, does not mean the southern African nation can access loans.

In a telephone interview, Zimbabwe Finance Minister Tendai Biti said the government is still analyzing the IMF announcement that it had relaxed restrictions on technical assistance to the country.  

But analyst John Robertson from Robertson Economic Information Services said Zimbabwe is still far from qualifying for IMF financial support.

"The government has been crying for money and this is not money. This is advice. If we follow the advice we may qualify for financial assistance. The government has been hoping that we will simply get assistance," said Robertson.

Among polices that Robertson said Zimbabwe needed to do away with is "indigenization," which targets foreign-owned companies and gives them to black Zimbabweans. He added that Zimbabwe’s $10-billion foreign debt also stood in the way of the country getting IMF or World Bank funds.  

In September, the IMF raised concerns over the failure by Sudan, Somalia and Zimbabwe to honor their commitments to pay their financial debts.

Before the IMF executive board announcement Tuesday, Finance Minister Biti was hopeful the institution would be lenient concerning the African country’s debt.

“We believe that our macro-economic fundamentals are sound, and that there is no reason at all why a positive decision would not be made in our favor," said Biti. "The importance of that IMF decision is that it will enable us to deal with the key issues of arrears that are the hindrance, [as] are sanctions, against Zimbabwe accessing huge levels of capital finance at the World Bank and the African Development [Bank].”

In its statement, the IMF executive noted “significant improvement in Zimbabwe’s cooperation on economic policies” and its “renewed commitment to address its arrears problems.”

Zimbabwe’s agricultural-based economy took a nosedive in early 2000 when the country embarked on a chaotic and violent land-reform exercise targeting white commercial farmers, seizing their farms, and replacing many of them with peasant farmers.

After a decade of decline, the economy has improved somewhat since the creation of a unity government in 2009. But that has been affected by indigenization policy.

“[It is] these same policy decisions that have put the country into financial difficult," said Robertson.

With elections expected next year in Zimbabwe, it might be difficult for President Robert Mugabe’s party to change its land ownership policies, which it says attracts voters.

You May Like

Pundits Split Over Long-Term US Role in Afghanistan

Security pact remains condition for American presence beyond 2014; deadline criticized More

US Eyes Islamic State Threat

Officials warn that IS could pose a threat to US homeland More

Video Ukraine: Captured Troops Proof of Russian Role in Separatist Fight

Moscow says Russian troops crossed into Ukrainian territory by mistake More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Scientists Unlock Mystery of Bird Flocksi
X
George Putic
August 25, 2014 4:00 PM
How can flocks of birds, schools of fish or herds of antelope suddenly change direction -- all the individuals adjusting their movement in concert, at seemingly the same time? British researchers now have some insights into this behavior, which has puzzled scientists for a long time. VOA's George Putic has more.
Video

Video Scientists Unlock Mystery of Bird Flocks

How can flocks of birds, schools of fish or herds of antelope suddenly change direction -- all the individuals adjusting their movement in concert, at seemingly the same time? British researchers now have some insights into this behavior, which has puzzled scientists for a long time. VOA's George Putic has more.
Video

Video Ukraine: Captured Troops Proof of Russian Role in Separatist Fight

Ukrainian officials say they have captured Russian soldiers on Ukrainian territory -- the latest accusation of Moscow's involvement in the conflict in eastern Ukraine. VOA's Gabe Joselow reports from the Ukrainian side of the battle, where soldiers are convinced of Russia's role.
Video

Video Rubber May Soon Come From Dandelions

Synthetic rubber has been around for more than a century, but quality tires for cars, trucks and aircraft still need up to 40 percent or more natural rubber content. As the source of natural rubber, the rubber tree, is prone to disease and can be affected by bad weather. So scientists are looking for replacements. And as VOA’s George Putic reports, they may have found one in a ubiquitous weed.
Video

Video Jewish Life in Argentina Reflected in Yiddish Tango

Jewish people from across Europe and Russia have been immigrating to Argentina for hundreds of years. They brought with them dance music that was eventually mixed with Argentine tango. The result is Yiddish tango -- a fusion of melodies and cultural experiences that is still evolving today. Elizabeth Lee reports on how one band is bringing Yiddish tango to Los Angeles.
Video

Video Peace Returns to Ferguson as Community Tries to Heal

Thousands of people nationwide are expected to attend funeral services Monday in the U.S. Midwestern city of St. Louis, Missouri, for Michael Brown, the unarmed African-American teenager who was fatally shot by a white police officer August 9 in the St. Louis suburb of Ferguson. The shooting touched off days of violent demonstrations there, resulting in more than 100 arrests. VOA's Chris Simkins reports from Ferguson where the community is trying to move on after weeks of racial tension.
Video

Video Meeting in Minsk May Hinge on Putin Story

The presidents of Russia and Ukraine are expected to meet face-to-face Tuesday in Minsk, along with European leaders, for talks on the situation in Ukraine. Political analysts say the much welcomed dialogue could help bring an end to months of deadly clashes between pro-Russia separatists and Ukrainian forces in the country's southeast. But much depends on the actions of one man, Russian President Vladimir Putin. VOA's Daniel Schearf reports from Moscow.
Video

Video Artists Shun Russia's Profanity Law

Russia in July enacted a law threatening fines for publicly displayed profanity in media, films, literature, music and theater. The restriction, the toughest since the Soviet era, aims to protect the Russian language and culture and has been welcomed by those who say cursing is getting out of control. But many artists reject the move as a patronizing and ineffective act of censorship in line with a string of conservative morality laws. VOA's Daniel Schearf reports from Moscow.
Video

Video British Fighters on Frontline of ISIS Information War

Security services are racing to identify the Islamic State militant who beheaded U.S. journalist James Foley in Syria. The murderer spoke English on camera with a British accent. It’s estimated that several hundred British citizens are fighting for the Islamic State, also called ISIL or ISIS, alongside thousands of other foreign jihadists. Henry Ridgwell reports for VOA from the center of the investigation in London.

AppleAndroid