Staff Writer
A team from the International Monetary Fund is expected in Zimbabwe later this month to conduct the annual Article IV Consultation mission. The team will also be looking at the new currency arrangement, the ZIG.
IMF Communications Director Julie Kozack told a press briefing yesterday that the Article IV Consultation mission will give fund an opportunity to look at the new currency.
Zimbabwe introduced a new currency backed by a basket of foreign currencies and other assets, mainly gold, in April. “And we, of course, stand ready to discuss these with the authorities and to support their efforts to restore macroeconomic stability,” said Kozack while responding to questions from the media on Zimbabwe, South Africa, Mozambique and Cameroon.
Early in May, the IMF said the introduction of ZiG represents an important policy action accompanied by several complementary policy changes — including monetary, exchange rate, and fiscal policy measures.
The IMF team is also expected to discuss Zimbabwe’s proposal to be under a staff monitored programme.
