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International Monetary Fund. Statistics Dept.
This Technical Assistance Report discusses that the authorities are making some progress towards higher quality and more comprehensive Government Finance Statistics, however, sufficient information for meaningful monitoring and surveillance of the public sector in Zimbabwe should be considered a long-term goal with several remaining challenges. The government of Zimbabwe has recently embarked upon an ambitious reform program for public sector corporations, which is expected to lead to a dramatic reduction in government balance sheet risk via contingent liabilities and the direct fiscal impact arising from the high likelihood of those guarantees being called. The report also highlights that the Accountant General office should have the ability to set a standardized format and the required information for general government financial statements which are to be reported for all subsectors and ministries. The mission recommends that the authorities review compliance with Republic of Zimbabwe Public Finance Management Act of 2009 across general government subsectors, including, all local government units, Extrabudgetary Units funds and social security funds.
International Monetary Fund
This 2001 Article IV Consultation highlights that Zimbabwe’s economic crisis has continued to deepen. The deterioration has mainly been the result of inappropriate macroeconomic policies and a general breakdown in the rule of law in the context of the government’s fast-track land reform program launched in early 2000. This deterioration has undermined investor confidence, contributed to the rise in unemployment, destroyed capital, and eroded institutions important for economic development, thereby darkening the longer-term outlook. Real GDP is projected to contract by 8½ percent in 2001.
International Monetary Fund. African Dept.
This 2019 Article IV Consultation focuses on Zimbabwe’s near- and medium-term challenges and policy priorities and was prepared before COVID-19 became a global pandemic that has resulted in unprecedented strains in global trade, commodity, and financial markets. It, therefore, does not reflect the implications of these developments and related policy priorities. The outbreak has greatly amplified uncertainty and downside risks around the outlook. The IMF staff is closely monitoring the situation and will continue to work on assessing its impact and the related policy response in Zimbabwe and globally. With another poor harvest expected, growth in 2020 is projected at near zero, following a sharp contraction in 2019, with food shortages continuing. With no progress on clearing longstanding external arrears, the authorities face a difficult balance of pursuing tight monetary, to reduce very high inflation, and fiscal policies to address the macroeconomic imbalances and build confidence in the currency, while averting a crisis. Pressures are mounting to increase spending on wages and for social protection to mitigate the impact of the weather shocks and high inflation. While the 2020 budget includes a significant increase in social spending, it is likely insufficient to meet the pressing needs.
International Monetary Fund. African Dept.

of the new domestic currency in February 2019, the creation of an interbank FX market, and the restructuring of the command agriculture financing model to a public-private partnership with commercial banks. However, uneven implementation of reforms, notably delays and missteps in FX and monetary reforms, have failed to restore confidence in the new currency. Reengagement with the international community continues to face delays. The Zimbabwean government has yet to define the modalities and financing to clear arrears to the World Bank and other multilateral

International Monetary Fund. African Dept.

) , 2017 . Odunze , Daisy and Dominique Uwizeymana . “ Zimbabwe’s Special Maize Programme for the Import Substitution (Command Agriculture) Scheme: a Hit-and-Miss Affair. ” Journal of Reviews of Global Economics, (8), 2019 . Wossen , Tesfamichael , et al . “ Productivity and Welfare Effects of Nigeria’s e-Voucher-based Input Subsidy Program. ” World Development, Vol. 97 , 2017 , pp. 251 – 265 . Zimbabwe Government , World Bank . “ Zimbabwe Public Expenditure Review with a Focus on Agriculture ” World Bank Group, 2019

International Monetary Fund. African Dept.

SOEs, subsidies to agriculture, and expansion in RBZ obligations have pushed public debt to well beyond the indicative threshold of 35 percent of GDP (PV terms) under both the baseline and the stress tests. Even with fiscal consolidation, the amount of public debt will carry a heavy burden on the Government of Zimbabwe. 19. Domestic debt obligations, external arrears, and large contingent liabilities support the assessment that the Zimbabwean government is in debt distress . Restoring Debt Sustainability 20. Restoring debt sustainability will require a

International Monetary Fund. African Dept.

: Revenue, Expenditure, and Deficit, 2015–19 (percent of GDP) Sources: Zimbabwean authorities. Text Figure 6. Zimbabwe: Government Wage Bill 2009–19 Sources: Zimbabwean authorities and IMF staff estimates Text Figure 7. Zimbabwe: Agriculture Spending, 2014–19 (in percent of GDP) Sources: Zimbabwean authorities. 9. Reserve money rose sharply in the second half of 2019 owing to the resumption of quasi-fiscal operations by the RBZ . While reserve money remained broadly stable during the first half of 2019, it nearly tripled during the