Zimbabwe Says Concession Struck With IMF for Staff Monitored Program

Zimbabwe said it had secured concessions from the International Monetary Fund, paving the way for a year-long staff-monitored program that will see the lender provide it with technical assistance, a vital step toward restructuring its $21 billion of debt.

Treasury officials led by Finance Minister Mthuli Ncube are attending the IMF and World Bank Spring Meetings in Washington this week and have held talks with IMF officials. Also in attendance are African Development Bank President Akinwumi Adesina and former Mozambican leader Joachim Chissano, who are leading efforts to renegotiate Zimbabwe’s loans.