Zimbabwe: IMF to determine voting rights

  1. Posted on Saturday 20 February 2010 - 09:00
    Sanday
    Image of Sanday
    Sanday Chongo Kabange AfricaNews reporter in Lusaka, Zambia
    The International Monetary Fund (IMF) is expected to determine whether or not Zimbabwe's voting rights might be restored. Harare's voting rights in the Bretton Woods Institution were suspended nearly seven years over financial arrears. The IMF is hopeful that a resolution would wage in favour of Zimbabwe once a vote is decided.
    Mugabe_Fidelis_Zvomuya
    "The executive board is scheduled to discuss a request for the restoration of the voting rights and thus the eligibility to use general resources, ordinary resources, tomorrow Friday," IMF spokesman David Hawley said.

    Zimbabwe, whose economy was devastated under the administration of President Robert Mugabe, was nearly thrown out of the IMF in 2006 after the impoverished African country failed to pay its financial obligations amid a humanitarian crisis and hyperinflation.

    Restoration of Zimbabwe's voting rights appeared highly likely, because the board usually is convened for a vote only when the majority mandated by the fund's statutes is guaranteed.

    The IMF executive board is comprised of 24 representatives of countries or groups of countries.

    The United States, the only member of the 186-country institution that can block decisions in the executive board, had been considered the major roadblock.

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