IMF hailed for appreciating Zim efforts on economic stability
THE International Monetary Fund (IMF) has been hailed for appreciating Zimbabwe’s
efforts towards ensuring macroeconomic stability by curbing price increases through
containment of inflation and ensuring currency stability.
Socio-economic lobby group Progressive and Patriotic Citizens of Zimbabwe (Papcoz) said
the stance by IMF was long overdue and commendable.
Papcoz president Mr Patson Murimoga said they welcomed recommendations by the IMF
to Government to improve the economic landscape. “We would like to express our
appreciation for the comments and recommendations of the IMF regarding the economic
interventions that the Government and the Reserve Bank of Zimbabwe have made towards
achieving macroeconomic stability in the country.
“As a patriotic and progressive movement, we are quite clear that the measures that have
been taken thus far by our Government and the central bank, particularly the introduction
of gold coins and liquidity arrest, are critical in enhancing fiscal sustainability and
currency stability.
“We do not, however, believe that there is a need to wind down gold coins as
recommended by the IMF. Gold coins are an important part of the policies put in place by
authorities to deal with currency stability. They should stay.”
Mr Murimoga said the parallel market exchange rate, interbank rate and the auction
market rate were moving towards equilibrium or convergence and the results were there
for everyone to see and reflect on.
“While we take note of some of the concerns and recommendations, we urge the powers
that be to continue on that consistent trajectory towards the Government’s national
development of acquiring middle income economy and infrastructure development so as
not to leave anyone or any place behind,” he said.
“We urge the IMF to keep on helping and assisting in ensuring that national, patriotic and
developmental agenda as enshrined in our national policies are achieved.”-The Herald
