Zim gets IMF voting rights, but no new loans

source: SW Radio Africa
By Alex Bell
22 February 2010

The global financial lending body, the International Monetary Fund (IMF), has agreed to restore Zimbabwe’s voting rights, seven years after the country was suspended over its multi million dollar debt.

But the Fund said the country was still ineligible for loans until it had paid off its US$1.3 billion debt. In the meantime, Zimbabwe will once again be allowed to take part in IMF decision-making and voting, in a move which observers have said recognises the country’s efforts to repair the shattered economy.

“The board decided today to restore Zimbabwe’s voting and related rights, and its eligibility to use resources from the IMF’s General Resources Account, following a request from Zimbabwe’s Finance Minister Tendai Biti,” the IMF said in a statement last Friday.

But the IMF said Zimbabwe would not have access to IMF funds until [continue reading]

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  1. 1   Everything you ever wanted to know about the evolution of the IMF but didn’t know how to ask by A Brief History of Something

    […] Other aspects of America’s hegemonic position are evident in the organizational structure of the Fund.  The Fund is organized by constituencies, which range in size from one country to twenty-four.  Using a complex quota formula, it was determined that the United States would have its own constituency and a voting power of 17 percent.  To put this in perspective, China has its own constituency but with voting power of less than four percent, while Kenya shares under three percent of the vote with 18 other countries.7 For more information on Zimbabwe’s, a developing country, voting rights click here […]






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