Harare - Zimbabwe expects a loan from the International Monetary Fund(IMF) in the third quarter of this year, the first since 1999, after paying off foreign lenders by the end of June, the central bank governor said on Wednesday.
President Robert Mugabe's government last week agreed to major reforms including compensation for evicted white farmers and a big reduction in public sector wages as the government tries to woo back international lenders.
Central bank governor John Mangudya said the IMF would decide the exact amount of the loan to issue at a later date. The fund had agreed to double the amount available for Zimbabwe, known as a financial quota, to $984 million, he said.
“We are talking about the third quarter, that's when you see most of the action happening,” Mangudya told Reuters in an interview, referring to when Harare expected the loan.
Zimbabwe would also receive an $896 million loan from an unnamed country to pay off arrears to the World Bank.