Zimbabwe set to receive US$1.1 billion soon

Finance Minister Mthuli Ncube

The country is expected to receive US$1.1 billion from the International Monetary Fund (IMF) anytime from today.

This comes after IMF MD Kristalina Georgieva announced US$650 billion Special Drawing Rights (SDR) this afternoon.

The funding is meant to rescue the global economy and which has been ravaged by the Covid-19 pandemic and its devastating effects.

The country is entitled to SDR800 million, which is around US$1.1 billion.

Meanwhile, Georgieva pointed out that the funds would benefit all members, address the long-term global need for reserves, build confidence, and foster the resilience and stability of the global economy.

“SDRs are a precious resource and the decision on how best to use them rests with our member countries.

“For SDRs to be deployed for the maximum benefit of member countries and the global economy, those decisions should be prudent and well-informed,” she said.

Apparently, over the years, Harare had been blamed for misplaced priorities amid rampant corruption.

There has been alleged lack of transparency in how public funds are utilised.

Zwnews