Monday, January 23, 2006

International Development: IMF sending delegation to rate Zimbabwe's economic performance

The International Monetary Fund (IMF) is to send a delegation to Zimbabwe this week to check the county's economic performance. I would have thought that would be pretty easy to assess, but of course the cocktail circuit junkies can not afford to miss the chance of nice speeches, photo opportunities and five course meals.

During their six-day visit, the five member team will be investigating the source of a surprise loan payback. Last year, Zimbabwe faced with the strong possibility of being kicked out of the IMF, made an unexpected repayment of $120 million - more than a third of its outstanding debt. Amid much scepticism the central bank,said the money was sourced from "free funds" and export earnings.