(Bloomberg) -- Zimbabwe needs to improve its economic policies and data reporting to make progress toward approval for a loan from the International Monetary Fund, according to the institution’s mission chief to the country.
“Improving the timeliness and quality of data reporting and making further progress in economic policies would help to move toward a staff monitored program, which is the stepping stone to an IMF financial arrangement and debt relief,” Vitaliy Kramarenko said in an e-mailed statement after a June 2-10 mission to Harare.
Kramarenko also said the country’s economy is benefitting from higher export prices and a good agriculture season, the IMF said. He recommended that the authorities complete a current government payroll audit, focus more on social policies and improve the business climate.
Wages in both the public and private sector should be restrained as inflation has recently picked-up, he said.
Zimbabwe, which has outstanding arrears of about $1.3 billion to the International Monetary Fund, African Development Bank and World Bank, is struggling to attract foreign investment and aid.
