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Business and Economics > Finance: General

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Cover IMF Staff Country Reports
Zimbabwe: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Zimbabwe
International Monetary Fund. African Dept.
Zimbabwe experienced severe exogenous shocks (cyclone Idai, protracted drought, and the COVID-19 pandemic) during 2019-20, which along with policy missteps in 2019, led to a deep recession and high inflation. Real GDP contracted cumulatively by 11.7 percent during 2019-20 and inflation reached 837 percent (y/y) by July 2020. Reflecting good rainfall and relaxation of containment measures, real GDP rose by 6.3 percent in 2021. A tighter policy stance since mid-2020 (relative to 2019) has contributed to reducing inflation to 60.7 percent (y/y) at end-2021. However, high double-digit inflation and wide parallel foreign exchange (FX) market premia persist. The economic downturn and high inflation increased the financial system vulnerabilities. Extreme poverty has risen and about a third of the population is at risk of food insecurity. The international community seeks improvements in domestic political conditions and economic policies to initiate reengagement with Zimbabwe. The authorities have started token payments to external creditors in a bid to revive international reengagement.
Keywords:
Zimbabwean authorities; anti-corruption strategy; anchor inflation expectation; reintroduced Zimbabwe dollar; determined reform effort; IMF governance diagnostic; overarching policy priority; Exchange rates; Arrears; Global; Sub-Saharan Africa; Africa; Southern Africa
Cover IMF Staff Country Reports
Zimbabwe: Technical Assistance Report-Basel III Implementation
International Monetary Fund. Monetary and Capital Markets Department
As a follow-up to the 2019 FSSR, a remote TA mission supported the RBZ with the implementation of Basel III liquidity standards. The mission reviewed the RBZ drafts of the LCR and NSFR frameworks, discussed identified material gaps with the BSD management and relevant supervisors, and provided many recommendations on enhancing the drafts of liquidity regulations, monitoring tools, reporting templates, and disclosure. Further actions for implementing Basel III liquidity standards were agreed with the RBZ.
Keywords:
banking sector indicator; liquidity standard; staff team of the International Monetary Fund; authoring department; RBZ draft; Liquidity requirements; Liquidity; Liquidity risk; Basel III; Commercial banks
Cover IMF Staff Country Reports
Zimbabwe: Staff-Monitored Program-Press Release and Staff Report
International Monetary Fund. African Dept.
This paper discusses the Staff-Monitored Program (SMP) for Zimbabwe and highlights that the new government that assumed office following the July 2018 elections is committed to addressing the macroeconomic imbalances, removing structural distortions to facilitate a resumption in growth, and to re-engaging with the international community including by clearing its external arrears. The SMP will be monitored on a quarterly basis and is intended to assist the authorities in building a track record of implementation of a coherent set of economic and social policies that can facilitate a return to macroeconomic stability and assist in reengagement with the international community. With limited access to external financing and the very low level of international reserves, the authorities’ room for manoeuvre is very narrow. There are also significant implementation risks of the monetary and exchange rate reforms, as well as addressing governance and corruption weaknesses, which could adversely impact the attainment of SMP objectives.
Keywords:
ISCR; CR; Zimbabwean authorities; nominal GDP; government securities; foreign exchange; private sector; reform agenda; managing director of the IMF; international community; macroeconomic imbalance; Government debt management; Currencies; Inflation; Budget planning and preparation; Africa; risks to the SMP; IMF resident representative
Cover IMF Staff Country Reports
Zimbabwe: Technical Assistance Report-Monetary and Financial Statistics Mission
International Monetary Fund. Statistics Dept.
In response to a request from the Reserve Bank of Zimbabwe (RBZ), and with the support of the International Monetary Fund’s (IMF’s) African Department (AFR), a monetary and financial statistics (MFS) technical assistance mission visited Harare, Zimbabwe, during October 16–27, 2017. The mission’s main objective was to assist the RBZ in finalizing its work of compiling MFS of the Central Bank (CB) and Other Depository Corporations (ODCs) in accordance with the Monetary and Financial Statistics Manual and Compilation Guide (MFSMCG). Compilation of these data will lead to the regular reporting of improved monetary data for publication in International Financial Statistics (IFS) and provide MFS data for use by the IMF African Department (AFR) and the Reserve Bank of Zimbabwe in their research and publications.
Keywords:
ISCR; CR; SRF 2SR; balance sheet; central bank; Zimbabwe; IMF Accounts; RBZ staff; RBZ trial balance; RBZ management; RBZ Director; Financial statements; Commercial banks; Nonbank financial institutions; Currencies; Financial soundness indicators; Africa
Cover Regional Economic Outlook, October 2018, Sub-Saharan Africa
Regional Economic Outlook, October 2018, Sub-Saharan Africa
Capital Flows and The Future of Work
International Monetary Fund. African Dept.

Abstract

The macroeconomic outlook for sub-Saharan Africa continues to strengthen. Growth is expected to increase from 2.7 percent in 2017 to 3.1 percent in 2018, reflecting domestic policy adjustments and a supportive external environment, including continued steady growth in the global economy, higher commodity prices, and accommodative external financing conditions. Inflation is abating; and fiscal imbalances are being contained in many countries. Over the medium term, and on current policies, growth is expected to accelerate to about 4 percent, too low to create the number of jobs needed to absorb anticipated new entrants into labor markets.

Keywords:
REO; Sub-Saharan Africa; exchange rate; country; Zimbabwe dollar; country group composite; low-income country; countries in fragile situation; country abbreviation; Emerging and frontier financial markets; Capital flows; Foreign direct investment; Africa; Global; West Africa; Southern Africa; productivity gain; sub-Saharan Africa sovereign; sub-Saharan Africa's export; flows to sub-Saharan Africa; asset flow; advanced economy; sub-Saharan Africa country; sub-Saharan Africa's convergence; IMF staff calculation; Caribbean; Middle East
Cover IMF Working Papers
Inequality Overhang
Mr. Francesco Grigoli and Adrian Robles
The linearity of the relationship between income inequality and economic development has been long questioned. While theory provides arguments for which the shape of relationship may be positive for low levels of inequality and negative for high ones, most of the empirical literature assumes a linear specification finding conflicting results. Employing an innovative empirical approach robust to endogeneity, we find pervasive evidence of nonlinearities. In particular, similar to the debt overhang literature, we identify an inequality overhang level in that the slope of the relationship between income inequality and economic development switches from positive to negative at a net Gini of about 27 percent. We also find that in an environment characterized by widespread financial inclusion and high income concentration, rising income inequality has a larger negative impact on economic development because banks may curtail credit to customers at the lower end of the income distribution. On the positive side, a sufficiently high female labor participation can act as a shock absorber reducing such negative impact, possibly through a more efficient allocation of resources.
Keywords:
WP; economic development; net Gini coefficient; heterogeneity; Gini; income distribution; income inequality; income levels; growth; nonlinearities; market Gini coefficient; labor participation; income concentration; Gini value; income variable; Personal income; Women; Financial inclusion; Western Hemisphere
Cover Regional Economic Outlook, April 2016, Sub-Saharan Africa
Regional Economic Outlook, April 2016, Sub-Saharan Africa
Time for a Policy Reset
International Monetary Fund. African Dept.

Abstract

Economic growth in sub-Saharan Africa as a whole has fallen to its lowest level in 15 years, though with large variation among countries in the region. The sharp decline in commodity prices has severely strained many of the largest economies, including oil exporters Angola and Nigeria, and other commodity exporters, such as Ghana, South Africa, and Zambia. At the same time, the decline in oil prices has helped other countries continue to show robust growth, including Kenya and Senegal. A strong policy response to the terms-of-trade shocks is critical and urgent in many countries. This report also examines sub-Saharan Africa’s vulnerability to commodity price shocks, and documents the substantial progress made in financial develop, especially financial services based on mobile technologies.

Keywords:
REO; commodity; commodity exporter; Zimbabwe dollar; commodity price slump; U.S. dollar value; terms-of-trade shock; Financial sector development; Commodity prices; Oil prices; Financial inclusion; Sub-Saharan Africa; Africa; East Africa; Global; Southern Africa; commodity terms of trade; monetary union; financial market market index; commodity price system; market participant; Caribbean