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International Monetary Fund. African Dept.
This 2014 Article IV Consultation highlights that economic rebound in Zimbabwe experienced since the end of hyperinflation in 2009 has now ended. After averaging 10 percent over 2009–2012, growth fell to an estimated 3.3 percent in 2013, reflecting tight liquidity conditions, election-year uncertainty, weak demand for key exports, competitiveness pressures, and the impact of adverse weather conditions. Inflation continued its downward trend from 2.9 percent (year over year) at end-2012 to ?0.3 percent in April 2014. The medium-term outlook, under the baseline scenario, is for growth to average some 4 percent, as large mining sector investments reach full capacity.
International Monetary Fund

underpinning the success of the program. Notwithstanding some delays, the government’s efforts to improve tax administration and the social security system are especially important in this respect. The planned integration of Pamuk and Halk banks is welcome, as is the authoritiesannouncement of their new strategy for the state banks, and the Savings Deposit Insurance Fund’s (SDIF) strengthened commitment to accelerating asset sales. Adoption of new banking legislation more closely in line with EU standards will also be a key landmark. Looking ahead, the authorities need to

International Monetary Fund. African Dept.

expected to stimulate economic activity, in line with the objectives outlined in ZIM ASSET. In March 2014, a US$100 million interbank facility by Afreximbank was launched to address the liquidity crunch in the system, in accordance with the authoritiesannouncement during the 2014 National Budget statement. Through this facility, illiquid but solvent financial institutions will be able to access temporary funding. The authorities hope that this will help restore confidence in the market and encourage interbank activity. On measures intended to further anchor the

International Monetary Fund

clarifying the conditions for fair dismissals, decentralizing the wage setting process, and eliminating wage indexation. Directors noted that the banking sector remains sound, but faces elevated and unevenly distributed risks. They welcomed recent consolidation of savings banks and the reform of their regulatory regime. They also welcomed the authoritiesannouncement of their intention to publish bank-by-bank stress tests results, noting that it will be important for these tests to be based on realistic assumptions and accompanied by a clear strategy for addressing

International Monetary Fund

market to foreign investors could help in enhancing liquidity. A few other Directors advised a more cautious approach in view of the volatility and vulnerabilities associated with capital flows. Directors considered that public institutions have an important role to play in establishing the overall framework for infrastructure financing and in filling market gaps, while carefully managing risks to the public sector. Directors welcomed the authoritiesannouncement to lower the deficit starting from the next budget. With the recovery becoming entrenched and given

International Monetary Fund. European Dept.

among the first sectors, with the median country reopening it in phase 2 of its overall plan. There has been more variability in the case of schools. Austria and Denmark , for example, introduced easing actions among its first opening measures, but in other countries, such as Italy and Spain , easing actions for schools were in the last phase. Figure 2.2. Heterogeneous Timing, Speed, and Sectoral Sequencing of Reopening Strategies Sources: Authorities announcements; Our World in Data, European Centre for Disease Prevention and Control; and IMF staff