This comes after Government reported a cumulative deficit of
Total revenue was at
Tax revenue was below target at
The total value of mineral production excluding diamonds in the four months to April dropped 8,54 percent to
According to latest figures from the Chamber of Mines availed by the
The IMF said other risks relate to policy inconsistencies that could affect investment and financial sector vulnerabilities -- specifically, liquidity shortages and "disorderly" unwinding of troubled banks.
The IMF expressed concern that
The report underscored the need to improve debt management and the IMF supported the strategy to seek mainly grants and highly concessional resources, while limiting non-concessional financing to critical development projects with high economic returns.
The IMF directors noted that strong macro-economic policies and a comprehensive arrears clearance framework supported by development partners are essential to addressing
They encouraged the authorities to engage in co-ordinated discussions with the
With risks on the downside, the IMF highlighted the need to restore fiscal and external sustainability and reduce financial vulnerabilities. It emphasised that achieving sustainable and inclusive growth requires determined and comprehensive reforms.
The IMF forecast the economy would grow 4 percent on average in the medium term on slowdown in mining investments.
"The medium-term outlook, under the baseline scenario, is for growth to average some 4 percent, as large mining sector investments reach full capacity," said IMF.
The current account deficit is expected to improve but will remain high, averaging 15 percent of GDP.
"In addition, planned fiscal consolidation should facilitate a modest rebuilding of fiscal and external buffers, including international reserves.
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