IMF US$500m Bail-out for Zimbabwe

Zimbabwe has received more than US$500 million from the International Monetary Fund (IMF) after 10 years of financial restrictions from the institution, following the injection of US$283 billion into the global economy to boost member countries’ dwindling foreign exchange reserves.

The money, most of which has already been deposited with the Reserve Bank of Zimbabwe, will offer only temporary respite for an economy facing a severe liquidity crunch.

Zimbabwe needs up to US$10 billion for economic recovery; slightly more than US$1 billion has been secured since February.

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