RBZ chief Mangudya at WBank/IMF spring meetings

RBZ chief Mangudya at WBank/IMF spring meetings

By Bernard Mpofu, HARARE, April 16 (The Source) – Reserve Bank of Zimbabwe governor John Mangudya is in the United States attending the annual World Bank and International Monetary Fund Spring meetings as the country battles with economic challenges that have seen the Bretton Woods institutions forecasting a modest economic growth this year.

The spring meetings of the IMF and the World Bank Group each year bring together bankers, ministers of finance and development, private sector executives, civil society, and academics to discuss issues of global concern which include the world economic outlook, financial stability and poverty eradication.

The meetings will run from April 17 to 19 in Washington.

“At the heart of both the Annual and Spring Meetings are the meetings of the IMF’s International Monetary and Financial Committee (IMFC) and the joint World Bank-IMF Development Committee, which discuss progress on the work of the IMF and the World Bank Group,” reads a statement by the IMF.

“The IMFC advises and reports to the IMF’s Board of Governors and will discuss the outlook for the global economy, developments in financial markets, as well as other pressing issues within the IMF’s mandate. The Development Committee advises the Board of Governors of the World Bank and the IMF on critical development issues and on the financial resources required to promote economic development and poverty reduction in developing countries.”

Government and the World Bank have projected a 3.2 percent growth this year premised on stability and higher mineral prices.

But Invictus, a local advisory firm in its latest research paper, warned that the economic outlook was bleak because of the underperformance of the country’s economic drivers—agriculture and mining.