IMF Windfall for Zimbabwe

by | Aug 24, 2021 | Business | 0 comments

Nevanji Munyaradzi Chiondegwa


The International Monetary Fund will today create US$650bn in Special Drawing Rights to be distributed among member countries according to their quotas.

Based on August 23, 2021 exchange rates, Zimbabwe will receive US$1,000,984,296.

According to Finance and Economic Development Minister Professor Mthuli Ncube, Zimbabwe will use its expected US$1 billion in new SDR being issued by the IMF to fund productive sectors, infrastructure health and education.

In 2009 Zimbabwe received US$408,7 million on August 28.

About US$103,6 million more was sent in the Reserve Bank of Zimbabwe Account, bringing the total to US$512,3 million.

Many may recall the period that Zimbabweans were able to access foreign currency from their ATMs and bank accounts.

Although the outcomes of that financing saw some opposition figures generating their own plaudits, there is optimism that the SDR may see the economy, whose growth is being predicted, recording more progress.