IMF’s Concern about Zimbabwe’s Economy Vocabulary and Expressions International Monetary Fund macro-economic fundamentals

IMF’s Concern about Zimbabwe’s Economy
   The International Monetary Fund, or IMF, says Zimbabwe’s debt remains a serious problem for the country’s financial future. The IMF released a report this week that said Zimbabwe’s high growth rate would slow down to five percent this year. Poor harvests are partly to blame. But concerns about upcoming elections to change the country’s three-year-old coalition government add to economic worries.
   The IMF predicts that growth will slow to about four percent in the years immediately ahead. Zimbabwe’s economy had shown strong growth of over nine percent in the past two years. And experts warn that Zimbabwe’s economy will not improve unless agricultural production increases.
   John Robertson from Robertson Economic Information Services says the IMF expects to see changes in Zimbabwe. He said that, "the IMF is trying to promote us or prompt us to make changes. They do suggest that they want to see changes before they become more generous with their assistance. And they will not be supporting much in the way of assistance to the country until they see change. "
   Zimbabwe’s Finance Minister Tendai Biti said he believes his country is economically secure although it carries heavy debt.
   The minister believes that the country’s macro-economic fundamentals are sound, and that there is no reason at all why a positive decision would not be made in their favor.
   The IMF says Zimbabwe’s debt now stands at about ten point seven billion dollars.
   Zimbabwe’s agriculture-based economy began to weaken a decade ago. After ten years of economic problems, Zimbabwe’s economy has improved since the creation of a unity government several years ago. But Tendai Biti has said the recovery will remain weak until international institutions such as the IMF cancel Zimbabwe’s debt.
   Economist John Robertson says the finance minister was wrong to expect IMF to be merciful to Zimbabwe. He said that "I think the clemency issue was not in any sense a write-off or a forgiveness of debt. The IMF does not do that. "