Tuesday, September 27, 2005


Zimbabwe reveals IMF cash source.

Zimbabwe paid the IMF with cash from sales of cotton and tobacco. Zimbabwe has revealed how it financed a surprise $120m (£68m) payment that defused a long-standing row with the International Monetary Fund (IMF).

Central bank Governor Gideon Gono said the cash was earned from exports and foreign exchange purchases.
Zimbabwe was threatened with expulsion from the IMF unless it paid off interest from a $4.5bn loan.

The sudden payment - at a time when the economy is in crisis - raised questions about how the money had been sourced. Zimbabwe still owes the IMF $175m, but it has been given another six months to settle its debts.


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