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IMF Gives Zim 2024 National Budget Thumbs Up

The International Monetary Fund (IMF) has commended Zimbabwe’s 2024 national budget, saying the fiscal policy and resource-generating measures will give impetus to economic growth for the attainment of national objectives.
IMF country representative Carlos Caceres said, “The Central Government’s decision to assume the Reserve Bank of Zimbabwe’s liability was commendable as that would free the bank to concentrate on its mandate and help the country move towards firming its economy.
“The budget presents a wide range of comprehensive measures, particularly in terms of tax policy measures and revenue-raising administration measures. This is something that my colleagues, particularly the technical colleagues from the fiscal affairs department of the IMF, are analyzing and we are going to have a comprehensive answer when Article 14 is here early next year,” he said.
Caceres said, “The IMF noted that Treasury had assumed US$1,8 billion that was in the RBZ’s books as a liability which will free the Central Bank to focus on its core mandate. I would even say a positive step but a very comprehensive and detailed plan to ensure that all the liabilities of the central bank are included in the books of the central Government”.
Parliament’s Finance and Investment Promotion, Clemency Chiduwa said, “Quasi-fiscal operations were necessary given that Zimbabwe ought to survive under the yoke of illegal sanctions. IMF is a leader and once something is said it sends signals to the market. Signals were made and the signals were sent and all multilateral agencies did not want to deal with Zimbabwe”.
Quasi-fiscal operations were done to meet obligations in areas such as health, and agriculture, among others for the country to survive. “This is the time for IMF to come to the table and rescue the situation, we need IMF to continue playing its part, if you check countries like Greece, these are some of the countries that are top tailing in terms of indebtedness. The country with the highest debt in the world is the United States, with a debt of US$34 trillion and I think IMF can still assist Zimbabwe,” said Cde Chiduwa.
Shumirai Nyamadzawo

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