Zimbabwe can now draw its US$960 million from IMF

Zimbabwe can now draw its US$960 million from IMF

Zimbabwe can now withdraw its SDR677.4 million, which is equivalent to US$960 million, from the International Monetary Fund.

IMF managing director Kristalina Georgieva said today the organization is allocating US$650 billion to its 190 members which members can withdraw from today.

The bailout is, however, befitting rich countries as the allocation is based on each country’s quota shares in the IMF.

The United States, for example, is entitled to SDR79 billion which is over US$111 billion, and is more than five times what all the low-income countries are getting.

Georgieva said about US$275 billion is going to emerging and developing countries, of which low-income countries will receive about US$21 billion.

The rich countries: China, Japan, Germany, France and the United Kingdom, are each getting more than all the low-income countries are getting.

Here is the list of how much each country is getting: