You are currently viewing our desktop site, do you want to download our app instead?
Moneyweb Android App Moneyweb iOS App Moneyweb Mobile Web App

NEW SENS search and JSE share prices

More about the app

Zimbabwe gets $961m in IMF Special Drawing Rights – govt

Part of $650bn the IMF is distributing to its members.
Image: AdobeStock

Zimbabwe’s government said on Tuesday it has received the equivalent of $961 million in Special Drawing Rights (SDR) from the International Monetary Fund, part of $650 billion the IMF is distributing to its members.

The IMF’s largest-ever distribution of monetary reserves will provide additional liquidity for the global economy, supplementing member countries’ foreign exchange reserves and reducing their reliance on more expensive domestic or external debt.

SDRs are reserve assets issued by the IMF, backed by dollars, euros, yen, sterling and yuan.

“The immediate effect of this support from the IMF is to increase the foreign exchange reserves position of the country by $961 million,” Finance Minister Mthuli Ncube and central bank governor John Mangudya said in a joint statement.

“This will go a long way in buttressing the stability of the domestic economy.”

Zimbabwe reintroduced its currency, the Zimbabwe dollar, in 2019 after a decade of dollarisation. However, the local unit has struggled for stability amid deep foreign currency shortages in the economy.

The Zimbabwe dollar is officially trading at 86 against the US dollar, but is significantly weaker, at 150 to the greenback, on a thriving black market.

VIDEOS

COMMENTS   3

Sort by:
  • Oldest first
  • Newest first
  • Top voted

You must be signed in and an Insider Gold subscriber to comment.

SUBSCRIBE NOW SIGN IN

LOL — how deep into debt trap can a country be plunged into??/

Well done Zimbabwe, the IMF will not likely see the money again.

Can somebody explain to me what were the conditions for this loan

End of comments.

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
BTC / USD

Podcasts

INSIDER SUBSCRIPTION APP VIDEOS RADIO / LISTEN LIVE SHOP OFFERS WEBINARS NEWSLETTERS TRENDING

Follow us: