Zimbabwe getting $500 Million

evankepner — Fri, 04 Sep 2009 14:30:35 +0000

BBC reported that Zimbabwe will be getting $500 Million to replenish their foreign currency reserves. From the article: ”The money has been released on the condition that Zimbabwe’s finance minister ensures the money is not diverted to other projects.” BBC also recently reported of growing optimism in Harare since the national currency was abandoned and replaced by the US dollar.

I’m skeptical and hopeful at the same time. On one hand, Zimbabwe leadership has a terrible track record with corruption and money management. On the other, funds are required to rebuild the nation’s economy and something needs to be done. I guess right now all we can do is wait to see the results and hope that there is accurate reporting of how this changes the lifestyle of the average Zimbabwean. I would like to know how the “conditions” for the money will be monitored, I really hope there is some kind of checks and balance system in place or a regular audit of the funds.

Other recent Zimbabwe news includes the pardoning of 1500 prisoners to ease jail conjestion and the necessary steps for the nation to recover from cholera.

I’m interested to hear your comments and opinions, is this a good move by the IMF?

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Zimbabwe getting $500 Million