• 15-FEB-2018

  • SOURCE: IMF

IMF Zimbabwe / Venezuela / India

The IMF stands ready to help Zimbabwe as it tackles severe economic and financial hardship, spokesman Gerry Rice told reporters Thursday (February 15) in Washington.

Zimbabwe has paid off its debt arrears to the IMF, but is still not caught up with payments due to other international organizations. The IMF is unable to offer new financial aid to any country that is still in arrears.

But consultations with Zimbabwean officials, including a meeting between new president Emmerson Mnangagwa and IMF Managing Director Christine Lagarde last month in Davos, has shown a willingness to make needed reforms from Harare, Rice said.

The IMF is very concerned about the worsening humanitarian situation in Venezuela, Rice told reporters. But he added that currently no request for aid has come from authorities.

Venezuela has not allowed the IMF to complete an Article IV evaluation since 2004 during the Presidency of Hugo Chavez but the Fund continues to monitor the economy and debt with available resources.

Currently the IMF projects that Venezuela is facing inflation of 2,349% in 2018 and a six percent loss of GDP.

And the IMF broadly supports the Indian government’s budget, with its goal of reducing fiscal deficits, Rice said.

But the goal of Indian authorities to raise tax revenue collection to shrink the deficit depends on implementation, and there is the chance it may fall short of targets.

For more on the IMF partnership with India: http://www.imf.org/en/Countries/ResRep/IND