No IMF loans until arrears are cleared: USHome - General - No IMF loans until arrears are cleared: US
 Discovered: 2010-02-26 16:11:28 |
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 Source: ZimOnline
| HARARE – Zimbabwe will not access financial support from multilateral lenders until it clears outstanding debts, a top United States (US) embassy official said this week, rejecting suggestions that Harare was unable to access loans because of Western sanctions on President Robert Mugabe and his top allies. US embassy economic officer James Garry told reporters Wednesday that even if Washington was to repeal the Zimbabwe Democracy and Economic Recovery Act (ZDERA) sanctions law the southern African country would still not be able to get help from the International Monetary Fund (IMF), World Bank and other funders because of unpaid debt. The Zidera forbids US companies from doing business with Mugabe, members of his inner circle and companies associated with the Zimbabwean leader and his Zanu PF party. The law also requires US representatives on the boards of the Imf and other institutions to oppose assistance to Zimbabwe although this requirement was apparently waived to allow restoration of Harare’s voting IMF rights. Garry insisted the targeted sanctions were not a factor in Zimbabwe’s relations with the multi-lateral lenders. He said: “There never has been any connection between US sanctions and Zimbabwe’s relationship with the IMF. There is a wi... ... |
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