Zimbabwe Reaches Agreement With IMF On Economic Reform Program

Zimbabwe has reached agreement with the International Monetary Fund (IMF) on a program of economic policies and structural reforms that could pave the way to the crisis-hit country re-engaging with international financial institutions, Reuters reported. Suffering from decades of decline and hyperinflation, Zimbabwe has not been able to borrow from international lenders since 1999, when it started defaulting on its debt. It has arrears of around $2.2 billion with the World Bank, the African Development Bank and European Investment Bank. On Thursday, the treasury said the economy grew by 4 percent last year, below an initial forecast of 4.5 percent, as it struggles with a shortage of dollars and surging inflation. Read more