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Zimbabwe's external debt level 'precarious': IMF

A Zimbabwean man sits in his store, a clothing shop in Zimbabwe's capital, Harare on December 24, 2008The International Monetary Fund on Monday warned Zimbabwe’s economy remains fragile with a “precarious” level of external debt that needs to be addressed. “Zimbabwe’s fragile economic situation characterised by a growth slowdown, a large external deficit, and low international reserves,” the IMF said. “Zimbabwe’s external position remains precarious, with usable international reserves covering less than two weeks of imports,” the Fund said in a regular “Article IV” report on the state of the economy. It urged Harare to clear its over $10 billion debt, to “avoid selective debt service” and improve the business environment.

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