Suspect charged after Vancouver car ramming leaves 11 dead    Suspect in killing of general claims he was paid by Ukraine    North Korea confirms troop deployment to Russia for first time    Rock & Roll Hall of Fame picks Outkast but not Oasis    400-800 year old giant coral colony discovered within AMAALA waters in the Red Sea    Makkah police arrest Yemeni and Egyptian suspects of fake Hajj campaign    Kafalah grants 1,900 loan guarantees worth over SR4.8 billion to SMEs during 1Q 2025    Council of Senior Scholars reaffirms performing Hajj without a permit is a sinful act    HR Ministry launches 'Ajeer Al-Hajj' service for seasonal work during Hajj 2025    stc reports strong first-quarter 2025 results with 11% rise in net profit    King and Crown Prince offer condolence to Iranian president over the deadly port explosion    Saudi Awwal Bank records SR2.1 billion net profit after zakat and income tax for 1Q25    Virgin Atlantic celebrates one month of nonstop service between London and Riyadh    Al Ahli cruise past Buriram into AFC Champions League Elite semi-finals    Duran leads Al Nassr past Yokohama Marinos into AFC Champions League Elite semi-finals    Saudi orchestra to perform at Sydney Opera House in May    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Average life expectancy in Saudi Arabia rises to78.8 years    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



IMF tells Zimbabwe to keep state wages in check
Published in Saudi Press Agency on 24 - 03 - 2011

Akhir 19, 1432 H/March 24, 2011, SPA -- The IMF has told Zimbabwe to contain public sector wage demands to avoid stoking inflation and reiterated it will not resume lending until Harare clears its arrears, a Finance Ministry official said on Thursday, according to Reuters.
State workers, who earn an average $200 a month, are pressing for a doubling of their salaries, putting pressure on authorities already spending 70 percent of revenues on wages.
An International Monetary Fund (IMF) team is in Harare for annual consultations with the government and has warned that the wage demands could push the southern African nation back into an inflation spiral. The team ends its mission on April 1.
"The mission noted progress in the economy but is very worried by public sector wage demands. They want the government to exercise restraint in this area to avoid inflation shocks," a Finance Ministry official who attended some meetings with the IMF team told Reuters.
Hyperinflation was the hallmark of a decade of economic collapse in the southern African nation but price increases are now in single digits after the government scrapped the worthless Zimbabwe dollar and started to use foreign currencies.
A unity government under President Robert Mugabe and rival Prime Minister Morgan Tsvangirai has stabilised the economy but has not managed to attract the billions of dollars in aid and investment it needs to rebuild the devastated economy.
The pair are divided on how to implement an empowerment law which requires foreign-owned companies, including banks and mines, to sell 51 percent of shares to locals.
The IMF team has asked the government to clearly spell out how it plans to implement the law, which has already rattled investors seeking a share of Zimbabwe's mineral resources, that include the world's second largest deposits of platinum.
The finance ministry official said resumption of lending by the IMF, which last lent Zimbabwe money in 1999, was "still far off". The Fund wants Harare to clear arrears of more than $140 million before it contemplates any funding programme.
Zimbabwe owes foreign lenders $7 billion, more than its estimated $6 billion GDP this year, and is discussing plans for debt relief with the IMF team, the official said.


Clic here to read the story from its source.