Zim turns to IMF funds to ease liquidity crunch

Zim turns to IMF funds to ease liquidity crunch_Zimbabwe is set to withdraw $110 million from the Zimbabwe General SDR Allocation at International Monetary Fund to ease the current liquidity crunch.

Finance minister Tendai Biti said of the amount, $20 million will be availed to the Reserve Bank of Zimbabwe (RBZ) to enable it to carry out its function as lender of last resort.

The balance will be allocated to other sectors such agricultural, offering lines of credit to industry and infrastructure support.

“It will be necessary that given the high volumes and high value of Budget transections that Government plays its part with regards to supporting orderly transections within the financial system,” Biti said.

He said festive season expenditure pressures; high volumes of high transections compounded by civil service salary payments had caused the challenges.

Zimbabwe’s central bank is currently undercapitalised following the dollarization of the economy, needing over $150 million to fully carryout its functions.

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Zim turns to IMF funds to ease liquidity crunch

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