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Zimbabwe

Zim finance minister Mthuli Ncube is hoping for a bail-out in Bali

Zim's finance minister is off to Indonesia cap in hand to the IMF and the World Bank

07 October 2018 - 00:03 By RAY NDLOVU

Finance minister Mthuli Ncube faces his first critical test this week as he attempts to convince international financiers that Zimbabwe is committed to reform.
If Ncube can win over the International Monetary Fund (IMF) and World Bank it could lead to global financial taps reopening after nearly 20 years. He will attend the meetings of the two institutions in Bali, Indonesia, this week.
Zimbabwe has been unable to access foreign funding since 1999 after it defaulted on payments.
Last month the IMF said it was ready to help Zimbabwe devise a strategy to clear its debts as long as President Emmerson Mnangagwa implemented far-reaching economic reforms.
Zimbabwe desperately needs fresh credit lines but faces the twin hurdles of repaying its debts to the IMF and World Bank and winning their support for its belt-tightening measures.
On Friday, a week before the spring meetings begin in Bali, Ncube unveiled a "transitional stabilisation programme" - a two-year economic reform plan set to be implemented immediately.
"We need to be pragmatic. We need to stop the bleeding. We need to take the pain," said Ncube.
The plan includes:..

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