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Mar 10, 2009, 10:12 GMT

IMF ready to "immediately" assist Zimbabwe: Minister

Harare - Zimbabwe's cash-strapped unity government, which is looking for 2 billion dollars in short-term aid, said the International Monetary Fund (IMF) was willing to provide 'immediate' assistance, state media reported Tuesday. A team of experts from the IMF, the World Bank and the African Development Bank (ADB) is in Zimbabwe to assess the country's aid requirements against the backdrop of its already heavy debt load. Zimbabwe needs a sizeable injection of aid and investment to shore up its nearly worthless currency and restore basic services after a decade of economic misrule under President Robert Mugabe. Speaking after his first meeting with the IMF-led team, Elton Mangoma, Minister for Economic Planning, said: 'The meeting was positive. They have told us that they are willing to immediately assist us,' according to the state Herald newspaper. He did not say how much or what form that assistance would take. The Herald said the IMF would discuss the financial package next month. The paper also said the lending agency was keen to second some of its own people to the economic planning ministry. Zimbabwe owes the IMF about 300 million dollars. Its total foreign debt is estimated at about 5 billion dollars.

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