Zimbabwe returns to International Monetary Fund

THE International Monetary Fund has restored Zimbabwe's voting rights after a seven-year suspension over failure to pay £840 million it owes the organisation and other creditors.

The decision by the IMF constitutes a first step towards endorsement of the economic policies of the coalition government formed just over a year ago by President Robert Mugabe, right, who is 86 today, and long-time rival, prime minister Morgan Tsvangirai.

The southern African nation's economy has improved under the coalition and Zimbabwe has started reducing the 90m it owed the IMF at the end of 2009.

But IMF officials said it has to produce a programme to settle debts to other creditors – such as the World Bank – totalling $1.3bn before the IMF can resume lending.