|Zimbabwe Heading to Default without IMF Bailout|
|by Tom McGregor||Sun, Sep 28, 2014, 11:39 PM|
President Robert Mugabe of Zimbabwe is refusing to pay back loans. Accordingly, the International Monetary Fund (IMF) has vowed to stop sending more loans to the country until prior debts get paid. Zimbabwe is unlikely to repay those debts.
According to the BBC News, "The International Monetary Fund has said it will not lend more money to Zimbabwe, because the country is in arrears on repaying previous loans."
Dominico Fanizza, IMF assistant director for Africa, is quoted as saying that, "We cannot in the current situation, because Zimbabwe runs arrears with the Fund and also other institutions like the World Bank and African Development Bank."
As reported by the BBC, "The IMF's specialist Africa team is in Harare finalising a programme to help the government revive its stricken economy, with full details to be released next week."
Zimbabwe continue to expand its bloated bureaucracy.
To read the entire article from the BBC News, link here:
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