IMF restores Zimbabwe’s voting rights after 7 years

IMF restores Zimbabwe’s voting rights

WASHINGTON — The International Monetary Fund has decided to restore Zimbabwe’s voting rights after a seven-year suspension over failure to pay $1.3 billion it owes the organization and other creditors.

The decision by the IMF on Friday constitutes a first step toward endorsement of the economic policies of the coalition government formed a little more than a year ago by President Robert Mugabe (moo-GAH’-bay) and longtime rival Prime Minister Morgan Tsvangirai (sah-VAN’-gee-ray).

The southern African nation’s economy has improved under the coalition and Zimbabwe has started reducing the $140 million it owed the IMF at the end of 2009. But IMF officials say it has to produce a program to settle debts to other creditors, such as the World Bank, that total $1.3 billion before the IMF can resume lending.