Zim economy on its last legs as IMF steps in with more funding
Zimbabwe dollar has plunged since its reintroduction in 2019, while state plans to revive manufacturing, rose-farming
Zimbabwe will use more than half of the $961m (R2.922bn) allocated by the International Monetary Fund in the form of special drawing rights (SDR) to support its beleaguered currency.
The government abandoned a 1:1 peg between a precursor of the reintroduced Zimbabwe dollar and the greenback in February 2019. The currency now trades at 85.82 to the US dollar and even lower on the black market, a plunge that’s made it difficult for the government to get it accepted locally, and it’s generally not tradable outside the country...