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The International Monetary Fund in a report Thursday said Zimbabwe's economy could grow by 3% this year, mainly due to its improved economic policies.
The IMF noted that since early 2009, the government broadly adhered to cash budgeting, achieved a significant improvement in budget revenue, established a multi-currency system, and largely liberalized prices and the exchange system. As a result, the economy began to recover in 2009, although from a low base, the lender pointed out. Meanwhile, credit expansion, post-hyperinflation remonetization, and capital inflows, were also supporting economic activity, the IMF said.
Zimbabwe's economy in recent months has suffered several problems including political unrest and surging inflation. Early in April, the government abandoned the usage of its local currency for atleast a year, after it became worthless, and decided to opt for alternate currencies including the U.S dollar, and the South African rand, among others.
"The key challenge going forward is to build the necessary support for policies that would ensure sustainability of the nascent economic recovery and improvements in living conditions for Zimbabweans", the IMF noted.
"Specifically, political consensus needs to be forged for continuing cash budgeting, exercising wage restraint while reorienting expenditures to developmental needs and priority social programs, resolving RBZ governance problems and restructuring its balance sheet, enforcing the property rights, and maintaining the rule of law", the lender added.
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