IMF warns Zimbabwe’s economy is in crisis

Zimbabwe bond note

“Zimbabwe is experiencing an economic and humanitarian crisis,” the executive board of the International Monetary Fund said in a bluntly-worded statement released on February 26.

The IMF’s directors said the Zimbabwean dollar “has lost most of its value”, only months after the authorities reintroduced it. Inflation was very high despite a sharp economic contraction in 2019, while international currency reserves were “very low”, they added.

Climate shocks worsened the previous year’s economic

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