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Zimbabwe's economic situation "very difficult" - IMF mission chief
November 23, 2017 / 8:06 AM / 23 days ago

Zimbabwe's economic situation "very difficult" - IMF mission chief

JOHANNESBURG, Nov 23 (Reuters) - Zimbabwe’s economic situation remains “very difficult” as sustainable growth is threatened by high government spending, an untenable foreign exchange regime and inadequate reforms, a senior International Monetary Fund (IMF) official said.

“Immediate action is critical to reduce the deficit to a sustainable level, accelerate structural reforms, and re-engage with the international community to access much needed financial support,” Gene Leon, IMF’s mission chief for Zimbabwe said in a statement to Reuters late on Wednesday.

Zimbabwe has not been able to borrow from international lenders since 1999 when it started defaulting on its debt. (Reporting by David Lawder in Washington and Olivia Kumwenda-Mtambo in Johannesburg; Editing by James Macharia)

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