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THE news that Zimbabwe has settled its overdue financial obligations to the Poverty Reduction and Growth Trust (PRGT) of the International Monetary Fund is probably the biggest positive news for the economy this year. IMF announced that Zimbabwe had been in continuous arrears since 2001.
However, Zimbabwe transferred part of its money of the SDR kept at the IMF to settle the US$107,9 million. According to IMF, Zimbabwe is now current on all its financial obligations to the IMF. So much has been said over the years about how Zimbabwe is failing to get assistance from IMF because of the outstanding debt. Now that the debt has been settled IMF must start treating Zimbabwe like any other up-to-date member. IMF is known for changing goal posts but this time after such a huge commitment from Zimbabwe, the financial institution must help the country with lines of credit to help revive its economy.
Meanwhile, on the Zimbabwe Stock Exchange, the Industrial index gained 0.06 points (0,05 percent) to close the week on Friday at 120.45 points. British American Tobacco continued its surge as it added $0,4000 to close at $14,4000, Lafarge moved up by $0,0400 to trade at $0,2400 and Innscor gained $0,0093 to close at $0,3105. Brick maker Willdale rose by $0,0005 to close at $0,0020 and CBZ traded $0,0003 to trade at $0,1050.
Two counters lost ground; Old Mutual traded $0,0375 cents lower to close at $3,1625 and Delta lost $0,0114 to close at $0,8300.
The Mining index was unchanged at 33.17 points. Bindura, Falgold, Hwange and RioZim remained unchanged on previous price levels at $0,0198, $0,0050, $0,0300 and $0,1800 respectively.
Online Reporter