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Zimbabwe's economic situation 'very difficult': IMF mission chief

Zimbabwe has not been able to borrow from international lenders since 1999 when it started defaulting on its debt.

Reuters  |  Johannesburg 

Zimbabwe
Zimbabwe flag (Photo: Reuters)

Zimbabwe's economic situation remains "very difficult" as sustainable growth is threatened by high spending, an untenable foreign exchange regime and inadequate reforms, a senior Monetary Fund (IMF) official said.

"Immediate action is critical to reduce the deficit to a sustainable level, accelerate structural reforms, and re-engage with the community to access much needed financial support," Gene Leon, IMF's mission chief for Zimbabwe said in a statement to Reuters late on Wednesday.

Zimbabwe has not been able to borrow from lenders since 1999 when it started defaulting on its debt.

First Published: Thu, November 23 2017. 13:33 IST
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