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IMF Team To Assess ZiG's Impact On Zimbabwe’s economy

9 months agoMon, 10 Jun 2024 07:11:57 GMT
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IMF Team To Assess ZiG's Impact On Zimbabwe’s economy

An International Monetary Fund (IMF) consultation mission will visit Zimbabwe later this month to assess the country’s economic performance and the newly introduced currency, the Zimbabwe Gold (ZiG), reported NewZimbabwe.com.

The IMF mission is expected in the country between June 18 to June 27 for Article IV consultations.

IMF spokesperson, Julie Kozack, confirmed the routine consultations, saying the the Bretton Woods institution is ready to support Zimbabwe’s efforts to restore macroeconomic stability. Said Kozack:

On Zimbabwe, our staff is expected to conduct the Article 4 consultations later this month.

Part of this Article 4 consultation will assess the entire economy as we always do, but also we will be looking at the new currency arrangement, the ZiG, and this Article 4 mission will give us the opportunity to do that.

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Zimbabwe did introduce a new currency backed by a basket of foreign currencies and other assets, including gold and of course we stand ready to discuss these with the authorities and to support their efforts to restore macroeconomic stability.

ZiG has been the official currency since April 8, 2024, and is the sixth currency to be introduced in 15 years by the Zimbabwean government.

According to a May 2024 report by the Zimbabwe National Statistical Agency (ZIMSTAT), the introduction of the ZiG resulted in a 0.6% drop in month-on-month inflation.

However, the Institute of Security Studies (ISS) warned that Zimbabwe’s new ZiG is doomed by an overall lack of transparency. It said:

Economic mismanagement has stripped citizens’ trust in the government and threatens the new currency’s viability.

The struggle to stabilise Zimbabwe’s economy continues, with no signs of relief for ordinary citizens.

The recently introduced currency, ZiG, seems destined to suffer the same fate as the five previous attempts to create a local currency.

More: Pindula News

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20 Comments

BIG T 🫖☕🍵 · 9 months ago
kuda kana kusada ndezvani nhamo chiororro uchaada mazig chete
VR 16 · 9 months ago
Print money then hide it.... does that make it valuable? I don't know the economics behind it all but most of us we never had access to it, that makes it like useless and as usual we opt to USD
zig is bad toilet roll · 9 months ago
i dont know about the impact of zig on the sconomy, but the zig has a big impact on my bottom when used as toilet roll, its not very soft or absorbent at all
🏃‍♀️ Chi baby Che Zanu 🌊 · 9 months ago
Zig richashanda muchida musingadi
dee~tales · 9 months ago
Better they hurry coz most released notes are torn now.
iphone 12 pro max · 9 months ago
it seems like the currency is stable because it is in short supply especially notes and coins.
...,. · 9 months ago
it is too early for them to assess the impact, as most people who desperately need to use it have not accessed it or got the quantities they want. it will be as good as assessing the performance of bit coin at mbare musika.
Tina · 9 months ago
South 's independence at risk. We shall witness very nasty scenes very soon, or later
· 9 months ago
Profetess of doom. South Africa is organised wangu. The army, police and security apparatus are professional and not politicised as in the Teapot-shaped mess north of the Limpopo.
Kg · 9 months ago
True, we need to know what's happening in Rsa, it's equally important to us to get fresh news of any political developments happening in Rsa.
Tina · 9 months ago
Pindula please give us news from South Africa, any new developments
Vesto · 9 months ago
MK & EFF unlikely to be in the grand coalition. DA & all the other smaller parties are likely to meet ANC today or tomorrow.
👀 · 9 months ago
ready to support Zimbabwe restore macro economic stability???mabhunu you take us for fools zvedi.we are calling for the immediate and unconditional removal of all sanctions and you stop supporting your opposition party in Zimbabwe.then we will see how sincere you are.
⛹️🕺🏋️ · 9 months ago
**** i**** fi real zvemabhunu zvapinda papi panyaya dzemari chivarambidzaka iwe kuti vasauye bhambi
Anonymous · 9 months ago
They are not the ones applying the sanctions. Where's your brain at?
🏃🏻‍♀️ Chi baby Che Zanu 🌊 · 9 months ago
it's good going
,,,,,dott · 9 months ago
Zig imari chaiyo IMF vakuuya havafambire marara asi wakaona kuti pane zve strong currency
IMF · 9 months ago
Fake news we're not assessing anything ZiG hatiney nayo it's just a blip in the sandstorm

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