IMF to Loan Zimbabwe $500 Million to Replenish Foreign Currency Reserves

The International Monetary Fund has announced it will be providing $500 million in loans to Zimbabwe to help the struggling country replenish its foreign currency reserves.

As part of the agreement the IMF has secured assurance from Zimbabwe’s finance minister that the funds will not be diverted to other projects. Zimbabwe’s economy has been in ruins for more than a year and is currently using the U.S. dollar as the official currency.

The IMF had suspended loans to Zimbabwe for more than a decade due to the country’s mismanagement of funds but with the new power-sharing government headed by President Robert Mugabe and Prime Minister Morgan Tsvangirai there has been renewed hope that the country could restore its economy.

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