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International Monetary Fund. Monetary and Capital Markets Department
International Monetary Fund. Monetary and Capital Markets Department
At the request of the Reserve Bank of Zimbabwe (RBZ), the Monetary and Capital Markets (MCM) Department conducted a virtual mission from May 3 to June 10, 2022 to assist the RBZ on strengthening consolidated supervision framework. The main focus was to support the RBZ in updating the RBZ consolidated supervision framework, enhancing prudential reporting on a consolidated basis, strengthening the assessment of banking group’s risks, and intensifying cross-border and interagency cooperation.
International Monetary Fund. Monetary and Capital Markets Department

At the request of the Reserve Bank of Zimbabwe (RBZ), the Monetary and Capital Markets (MCM) Department conducted a virtual mission from May 3 to June 10, 2022 to assist the RBZ on strengthening consolidated supervision framework. The main focus was to support the RBZ in updating the RBZ consolidated supervision framework, enhancing prudential reporting on a consolidated basis, strengthening the assessment of banking group’s risks, and intensifying cross-border and interagency cooperation.

International Monetary Fund. African Dept.

IMF Country Report No. 22/112

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.
International Monetary Fund. African Dept.

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.

International Monetary Fund. African Dept.

1. Several factors have interacted to propel fragility in Zimbabwe and undermine economic and social outcomes (Annex I). Periods of strong growth were not sustained owing to climatic and health shocks, as well as policies that fueled economic imbalances, distorted prices, promoted rent-seeking, and weakened competitiveness. In the 2000s, a challenging land reform and an HIV/AIDs epidemic, accompanied by weak institutions, exacerbated the output decline. Per capita income lags its peak and that of sub-Saharan Africa and extreme poverty has risen sharply. On the positive side, human development has caught up with and surpasses that of peers.