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IMF transfers $400 million to Zimbabwe

The IMF (International Monetary Fund) has today confirmed that $400 million has been transferred to the IMF account of Zimbabwe which can be drawn down at any time for any reason. A further $102 million of international aid has been held in a suspended account until the Zimbabwe clears its $140 million debt with the IMF. Despite the fact that Zimbabwe itself is in the grip of a damaging political climate there is still a need to invest in the economy to try and avert total collapse.

The international community has for many years been pushing international diplomacy to try and remove President Mugabe from his post but to no avail. Even though the opposition parties were allowed to join the Zimbabwe parliament, after concerns were raised regarding the validity of the last general election, there are still rumours of intimidation and violence both in the political scene and across Zimbabwe.

Many people will question the sense in transferring $400 million to the Mugabe regime at a time when other countries around the world, including the UK, are struggling under massive debts. Despite guarantees that the money will be used in a constructive manner there is evidence that previous IMF subsidies have not always been used in an "appropriate manner". This is all part of the $250 billion G20 agreement which has itself attracted a fair amount of controversy.

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