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| Zimbabwe needs immediate economic reforms, warns IMF | Zimbabwe needs immediate economic reforms, warns IMF |
| (about 1 hour later) | |
| Zimbabwe must act quickly to dig its economy out of a hole and access international financial aid, the International Monetary Fund has warned. | Zimbabwe must act quickly to dig its economy out of a hole and access international financial aid, the International Monetary Fund has warned. |
| Government spending and foreign debt are too high and it needs structural reform, Zimbabwe mission chief Gene Leon told Reuters news agency. | Government spending and foreign debt are too high and it needs structural reform, Zimbabwe mission chief Gene Leon told Reuters news agency. |
| The country's incoming leader Emmerson Mnangagwa has pledged to grow the economy and provide "jobs, jobs, jobs". | The country's incoming leader Emmerson Mnangagwa has pledged to grow the economy and provide "jobs, jobs, jobs". |
| The once-thriving economy is now seen as a regional basket case. | The once-thriving economy is now seen as a regional basket case. |
| "The economic situation in Zimbabwe remains very difficult," Mr Leon told Reuters. | "The economic situation in Zimbabwe remains very difficult," Mr Leon told Reuters. |
| He said high government spending should be reined in and Zimbabwe should address the large international debt it has defaulted on. | He said high government spending should be reined in and Zimbabwe should address the large international debt it has defaulted on. |
| "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," Mr Leon 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," Mr Leon said. |
| Robert Mugabe, who led Zimbabwe for 37 years, stepped down earlier this week under pressure from the military and his own Zanu-PF party. | |
| His policies, including disastrous land reforms and printing too much money, are blamed for the calamitous state of Zimbabwe's economy. | |
| The economy is half the size it was at the turn of the millennium. | |
| Zimbabwe has not had a currency of its own since 2009, when the old Zimbabwean dollar buckled under hyperinflation - which is said to have reached 231 million per cent, worse even than the notorious levels in Germany following World War One. | |
| Cash shortages mean Zimbabweans can often be seen queuing at banks. Economists say Zimbabwe needs a cash injection, but it has been barred from borrowing internationally since it began defaulting on its debt in 1999. |