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International Monetary Fund. African Dept.

Recent Developments, Outlook and Program Performance A. Background 1. The Zimbabwean authorities are implementing their macroeconomic stabilization and structural reform program, in the context of a SMP . This program constitutes the lynchpin of the authorities’ roadmap for building a strong track record toward normalizing relationship with Zimbabwe’s creditors and mobilizing development partners’ support. The main objective of the 15-month program approved in October 2014 is to strengthen Zimbabwe’s external position as a prerequisite toward arrears

International Monetary Fund. African Dept.

Introduction 1. Our Zimbabwean authorities appreciate the constructive engagement with IMF staff during the recent Article IV Consultation. They value Fund policy guidance and broadly share the staffs assessment of attendant macroeconomic challenges and key policy priorities. 2. The Zimbabwean economy is experiencing a strong rebound following the negative effects of Cyclone Idai, the drought, and the COVID-19 pandemic that weighed on growth in 2019 and 2020. The implementation of decisive response measures and an improved policy environment moderated

International Monetary Fund. African Dept.
EXECUTIVE SUMMARY Context. The Zimbabwean authorities have made progress in implementing their macroeconomic and structural reform programs, despite the economic and financial difficulties. During 2015, the authorities’ policy reform agenda will continue to focus on: (a) reducing the primary fiscal deficit to raise Zimbabwe’s capacity to repay; (b) restoring confidence in the financial system; (c) improving the business climate; and (d) garnering support for an arrears clearance strategy. Recent developments, outlook, and risks. Zimbabwe’s economic prospects remain difficult. Growth has slowed and is expected to weaken further in 2015. Despite the favorable impact of lower oil prices, the external position remains precarious and the country is in debt distress. Key risks to the outlook stem largely from a further decline in global commodity prices, fiscal challenges, and possible difficulties in policy implementation. However, the authorities are committed to intensifying their efforts to ensure successful implementation of the program and to lay the ground for stronger, more inclusive, and lasting economic growth. Program performance. All quantitative targets and structural benchmarks for the first review under the staff-monitored program (SMP) were met. The authorities demonstrated strong commitment to the program, in a difficult economic and financial environment. Moreover, they have made meaningful progress in implementing other key structural reforms, such as making operational an asset management company and amending the indigenization and empowerment law. Reengagement with creditors. The authorities have stepped up their reengagement with creditors, including by increasing payments to the World Bank (WB) and the African Development Bank (AfDB), a key step in their roadmap toward seeking rescheduling of bilateral official debt under the umbrella of the Paris Club. These developments constitute important steps toward reengaging with the international financial institutions (IFIs). They plan to step up their efforts to build consensus among creditors and development partners on ways to address the external arrears.
International Monetary Fund. African Dept.

, D.C. 20090 Telephone: (202) 623-7430 • Fax: (202) 623-7201 E-mail: publications@imf.org Web: http://0-www-imf-org.library.svsu.edu Price: $18.00 per printed copy International Monetary Fund Washington, D.C . ©2015 International Monetary Fund Front Matter Page ZIMBABWE FIRST REVIEW OF THE STAFF-MONITORED PROGRAM April 17, 2015 EXECUTIVE SUMMARY Context . The Zimbabwean authorities have made progress in implementing their macroeconomic and structural reform programs, despite the economic and financial difficulties. During 2015, the

International Monetary Fund

My Zimbabwean authorities welcome the staff report and are generally agreeable with the staff analysis. Zimbabwe has come a long way in improving its relations with the Fund and in implementing policies in line with Fund’s advice in spite of the enormous challenges. The most critical of these challenges is building political consensus for implementing corrective policies which has already begun. In this sense, while acknowledging that much still needs to be done, my authorities feel that the Fund should be more accommodative in handling the request for a Staff

International Monetary Fund

reserves (end-of-period) Gross international reserves (US$ millions) 6/ 437 453 442 Usable international reserves (US$ millions) 7/ 312 197 191 (months of imports of goods and services) 1.0 0.4 0.3 Debt (end-of-period) Total external debt (US$ millions) 8/ 7,595 8,823 9,624 (percent of GDP) 130.1 118.0 107.9 Total external arrears (US$ millions) 8/ 5,289 5,950 6,452 (percent of GDP) 90.6 79.6 72.4 Sources: Zimbabwean authorities; IMF