IMF Lifts Zimbabwe Sanctions

Sanctions slammed on Zimbabwe by the International Monetary Fund have been lifted after the southern African country settled its arrears, TVCnews reported. The IMF, however, warns that it will not readily consider new loan requests from President Robert Mugabe’s administration. Instead, the global lender has urged Zimbabwe to  repay loans owed other international creditors, including the World Bank and African Development Bank. It is believed that Zimbabwe paid off 15 years of arrears in October worth about $108 million dollars. Zimbabwe has taken the first step towards restoring its access to international loans. The IMF loan repayment by Zimbabwe comes amid ongoing economic downturn that has worsened by drought and suppressed commodity prices.