IMF’s relaxation of restrictions providential

country to benefit from its membership. This is indeed a step in the right direction, which we hope will lead to normalisation of relations.
Western sanctions that cut off our lines of credit severely curtailed meaningful foreign direct investment for over a decade.  Our country’s voting rights at the IMF were suspended in 2003 only to be restored in 2010 with hopes pinned on Zimbabwe’s participation in the IMF’s decision making process.  This was however not to be, as the country continued to be isolated and add to this the prevailing illegal sanctions that the Western countries continued to hold over us.
There certainly was no room to breathe and no wonder the country continues to buckle under a US$10,7 billion debt that it is expected to service under such conditions.  Up to 75 percent of this debt is in arrears and clearly this leaves very little room to manoeuvre in the wake of depleted budgetary resources.  
Although economic growth figures have been revised downwards, there is nonetheless huge potential to raise the bar. Already there are projections that the economy will grow by 8,9 percent in 2013 and with a conducive environment, it is achievable. Realistically evaluating the situation on the ground, it points clearly that a lot of ground has been covered in terms of economic recovery.
What the country basically needs is access to affordable funding to finance infrastructure rehabilitation and development, industrial recapitalisation and growth, agricultural production, mining industry recapitalisation and production all backed up with sufficient power output. When all this falls into place then we are ready to roll.
According to the IMF statement, the technical assistance that Zimbabwe stands to benefit from their latest offering involves a tailor-made economic programme.  The programmes are basically informal agreements where IMF staff provides advice to the Government on the design of economic programmes which they will monitor and implement. 
This relief, however, does not in itself mean automatic endorsement by the IMF executive board and neither does it mean financial assistance.
It is now up to Finance Minister Biti to unravel how best this IMF gesture can be used to best advantage given that the “sanctions” are now partially lifted. It is indeed a major step towards Zimbabwe’s debt payment programme within the context of his Accelerated Arrears Clearance, Debt and Development Strategy.  It will also give better insight into the economic growth prospects that the country has always been talking about.
It is pleasing to note that the strategy proposes a repayment plan that taps into the country’s vast mineral wealth to pay debts while at the same asking creditors to reduce some of the burden.  It makes sense under the circumstances as a rigid stance is bound to maintain the status quo with no one benefiting. Only constructive engagement will bring a win win situation with increasing optimism that all concerned will eventually see the light.
It is unfortunate that when some economic decisions are made, there are always political undertones influencing the outcomes and it is sad that politics has clouded the judgements of those influencing the Bretton Woods institutions at the expense fairness and objectivity.  It is clear that we have covered so much ground in terms of economic turnaround that we more than deserve to be considered for balance of payment support to balance our national budget. 
What this has effectively done is to make the entire budget process a farce because most of the people’s expectations are never met.  There is always expectation that unlocking FDI will effectively transform the way we do business and we anxiously await what next step the IMF will take considering that they are now seeing some of the positive outcomes.