IMF says Zimbabwe debt unsustainable, lending would require restructuring

The International Monetary Fund on Tuesday said it was precluded from providing financial support to Zimbabwe due to its "unsustainable debt and external arrears," and any lending arrangement would require a clear path to a comprehensive restructuring of the African country's external debt.

The IMF said its staff completed a virtual mission to Zimbabwe from Oct. 16 to Nov. 16, and noted "significant" efforts by authorities there to stem inflation, contain budget deficits and reserve money growth.

However, decisive actions were needed to accelerate reforms, improve the business climate and reduce governance vulnerabilities, the fund said in a statement.