 (IRIN) - The rule of law is vital to getting Zimbabwe's economy back on track, according to a senior International Monetary Fund (IMF) official.
| I'd put the odds of the actual rule of law suddenly appearing in Zim at somewhere between minuscule and non-existent... |
Changes in economic policy and exchange market reforms might help lower the inflation rate, commented Siddarth Tiwari, deputy director of the IMF's African department, but "the rule of law is an important part" of restoring business confidence in the country. "If you do not convince the private sector, [economic reforms] are not going to work."
| Thre's a reason they call Zim a "kleptocracy." Only someone with serious cranial damage would throw his wallet into a den of thieves... |
Zimbabwe's ruling party, in power since independence in 1980, has come under international criticism for its heavy-handed response to opposition, deepening political divisions.
| That, and stealing everything that's not nailed down... |
The annual inflation rate is currently around 1,200 percent - the highest in the world - but the IMF has warned it could shoot past 4,000 percent next year if current policies are maintained. Shortages of foreign currency to pay for fuel, food and other commodities, and 70 percent unemployment have accelerated the economic meltdown. The IMF's global economic outlook, unveiled this month, pegged gross domestic product at -4.7 percent - the lowest on the continent - but a slight improvement from -5.1 percent last year. |