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IMF says Zimbabwe economy to grow 6%, deep reforms needed

IMF says Zimbabwe economy to grow 6%, deep reforms needed

THE International Monetary Fund forecast that Zimbabwe's economy would grow 6% this year, almost double its initial projection, but said debt restructuring and other reforms were needed to create the conditions for a lasting recovery. The Fund said higher agriculture output and improved power generation and manufacturing activity meant its previous estimate of 3.1% had been superseded. "An economic recovery is underway in 2021," it said in a statement late on Wednesday after a two-week virtual meeting with local authorities. The IMF's new projection is also higher than the 3.4% growth forecast by the World Bank last week, while President…
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Zimbabwe expects inflation of 134% this year -finmin

Zimbabwe expects inflation of 134% this year -finmin

ZIMBABWE expects its average annual inflation to slow to 134% in 2020, according to a finance ministry document, more than halving the central bank's previous forecast. The country is grappling with its worst economic crisis in more than a decade, with runaway inflation of 659.4% year-on-year in September, and severe shortages of foreign currency, food and medicine. The document, outlining Zimbabwe's strategy for the 2021 budget which is set to be delivered at the end of November, said the slowdown in inflation would be thanks to a deepening of the foreign currency auction market, which is expected to aid exchange…
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