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International Monetary Fund. African Dept.
In June 2010, the International Development Association (IDA) and the IMF agreed that Comoros had met the requirements for reaching the decision point under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative. As a result of the debt reconciliation exercise for the completion point, the present value of eligible external debt at end-2009 has been revised upward. Full delivery of HIPC assistance together with additional bilateral assistance beyond HIPC and Multilateral Debt Relief Initiative (MDRI) debt relief at the completion point would reduce Comoros’ external debt burden significantly.
International Monetary Fund. African Dept.

-2009 was revised upward from the decision point, following the debt reconciliation exercise . The staffs of IDA and the IMF, together with the Comorian authorities, have reviewed the stock of debt at the end of December 2009 presented in the decision point document against recent creditor information. As a result, the nominal stock as of end-2009 has increased by US$5.3 million from US$286.8 million to US$292.2 million ( Figure A1 and Table A2 ); and the PV of debt after traditional debt relief has been revised upward by US$1.2 million, from US$257.4 million to US

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. Middle East and Central Asia Dept.

focusing on the introduction of the harmonized HS codes at the three regional ports, development of a guidance manual training, and installation of a common IT system with the support of development partners. 10. The authorities are determined to maintain debt sustainability beyond the HIPC Completion Point. In this regard, they are building the necessary institutional structure to manage the country’s debt with support from the Fund and other partners. Further, the authorities have already conducted a debt reconciliation exercise and have established a computerized

Mr. Thomas William Dorsey

such waivers as satisfactory progress has been made before and after the post-elections crisis. 3. The debt reconciliation exercise resulted in a slight upward revision of the stock of HIPC-eligible external debt in PV terms at end-2007 . This revision is due to the upward revision of debt to other official bilateral and commercial creditors, partly offset by a small decrease in debt to multilateral creditors. As a result, the end-2007 PV of debt after traditional relief has been revised from $12,759.3 million to $12,878.8 million, and the end-2007 PV of required

Mr. Thomas William Dorsey

months prior to the proposed completion point. 36. Based on the progress outlined above, the staffs of IDA and the IMF consider the two completion point triggers concerning governance of the coffee and cocoa sector to have been met . III. Updated Debt Relief and Debt Sustainability Analysis A. Revision of Data Reconciliation Exercise as of the Decision Point 37. The stock of HIPC-eligible external debt in present value (PV) terms at end-2011 was revised upward slightly from the decision point, following the debt reconciliation exercise . The staffs of

International Monetary Fund. African Dept.
EXECUTIVE SUMMARY Zimbabwe’s performance under the Staff-Monitored Program (SMP) has been broadly satisfactorily through the difficult electoral transition period, and the authorities have taken corrective measures to restore a track record of policy implementation going forward. In the attached Letter of Intent (LOI), the authorities outline progress in implementing the SMP; the agreed quantitative targets and structural benchmarks to be monitored for the third review; and their plans to advance the structural reform agenda and to more generally strengthen performance under the SMP. Performance under the staff-monitored program. The SMP provided a useful anchor for Zimbabwe in an election year. However, progress in implementing the program was slowed by a long electoral process and a protracted post-election transition, as well as an adverse external environment. Thus, a number of quantitative targets and structural benchmarks were not met. The authorities have began implementing policy measures and a program of reforms aimed at addressing the fiscal gap that has emerged for 2014; improving the quality of public expenditures; enhancing financial sector stability; and moving forward delayed structural reform measures. The authorities have reiterated their continued commitment to the policies agreed under the SMP, and to enhanced engagement with the creditors and the international community. The authorities have agreed to the publication of the Letter of Intent, and the staff report.
International Monetary Fund. African Dept.
This paper discusses Zimbabwe’s Second Review of the Staff-Monitored Program. The program is on track. Four of the five quantitative targets for end-June 2015, and all the structural benchmarks for the second review were met. Although a recently contracted $200 million nonconcessional loan breached the quantitative target on nonconcessional borrowing, it avoided the accumulation of additional external arrears. The IMF staff welcomes the authorities’ intentions to continue seeking financing through grants and loans that are as concessional as possible, and to limit contracting non-concessional loans to within the ceiling set under the program, and to prioritize investment that would eventually raise Zimbabwe’s capacity to repay.