Zimbabwe will need global effort to restore economy: IMF

It will take a major international effort to restore Zimbabwe's battered economy, and the International Monetary Fund is prepared to help, a fund spokesman said Thursday. In the wake of the recent upheaval that saw long-time leader Robert Mugabe ousted with the support of the military, the country "faces severe economic challenges," IMF spokesman Gerry Rice told reporters. The country will have to tackle fiscal deficits and design structural reforms to help boost economic growth, he said.
At the IMF, "we stand ready to support the authorities to design policies to restore stability and growth." However, he said, "an international effort will be required to revive and reintegrate the Zimbabwe economy." The IMF will send a mission to the country in early December, which will be able to gather more information on the state of the country's finances, and the size of the challenge.