IMF restores Zimbabwe's voting rights

11:22, February 20, 2010      

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The International Monetary Fund (IMF) decided on Friday to restore Zimbabwe's voting rights after a suspension of nearly seven years over financial arrears.

The IMF said that in response to a request from Zimbabwe's government, the Fund's executive board approved to restore not only "Zimbabwe's voting and related rights" but also "its eligibility to use resources from the IMF's General Resources Account."

"Following today's decision any remaining issues on further normalization of relations will be addressed over time," said the Washington-based international institution.

The IMF noted that as long as Zimbabwe remained in arrears, it would continue the suspension of technical assistance, except in " targeted" areas.

Zimbabwe's economy has improved and the southern African nation has started reducing the 140 million dollars it owed the IMF at the end of 2009. But IMF officials say it has to produce a program to settle debts to other creditors, such as the World Bank, before the IMF can resume lending.

Zimbabwe owes a combined 1.3 billion dollars to the IMF, the World Bank and the African Development Bank, according to the IMF.

Source: Xinhua
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