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Africa > Zimbabwe

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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
Statement on Zimbabwe by Mr. Nakunyada, Alternate Executive Director, Mr. Ekeocha and Mr. Garang, Senior Advisors to the Executive Director March 21, 2022
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.

Keywords:
Zimbabwean authorities; fund policy guidance; tight monetary policy; support e-learning activity; COVID-19; Monetary tightening
Cover Policy Papers
Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI)—Statistical Update
International Monetary Fund and World Bank
This report reviews developments in the implementation of the Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI). It also provides updates on debt service and poverty-reducing expenditure by beneficiary countries, as well as on the cost of debt relief, creditor participation rates, and litigation against HIPCs.
Keywords:
PP; Heavily Indebted Poor Countries (HIPC) Initiative - Issues Related to the Sunset Clause; HIPC Initiative; cost; WB debt sustainability analysis; Total Post-Decision-Point HIPCs; IMF board; IMF MDRI assistance; debt service; HIPC debt relief; decision point; present value; IMF MDRI assistance to Cambodia; Debt relief; Debt service; Arrears; Debt burden; Public and publicly-guaranteed external debt; Middle East
Cover IMF Staff Country Reports
Front Matter
International Monetary Fund. African Dept.

IMF Country Report No. 19/144

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; IMF's transparency policy; authorities of Zimbabwe; policy discussion; implementation risk
Cover IMF Staff Country Reports
Zimbabwe: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Zimbabwe
International Monetary Fund. African Dept.
This 2017 Article IV Consultation highlights that Zimbabwe’s economy is facing difficulties. A severe drought and slow reform momentum have led to high expenditure levels since late 2015 despite subdued revenues. With limited access to foreign inflows, the ensuing fiscal imbalances have become unsustainable, and are being financed by rising domestic borrowing. Growth in 2017 is expected to be supported by a strong performance in agriculture mainly owing to exceptional rains. However, economic activity in the medium term is projected to remain subdued, pending adjustment and reform that tackle the structural challenges and enable the economy to restore fiscal and external sustainability and achieve its growth potential.
Keywords:
ISCR; CR; authority; debt; Zimbabwean authorities; current account; credit growth; shored-up government expenditure; government intervention; bank asset concentration; authorities' effort; quasi-currency instrument; IMF Zimbabwe team; Currencies; Arrears; Southern Africa; Sub-Saharan Africa
Cover IMF Staff Country Reports
Statement by Mr. Mkwezalamba, Executive Director and Mr. Nakunyada Advisor to the Executive Director, on Zimbabwe, July 5, 2017
International Monetary Fund. African Dept.

2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Zimbabwe

Keywords:
ISCR; CR; authority; debt; Zimbabwean authorities; current account; government t-Bills; clearance plan; financial oversight role; import management; Commodity prices
Cover Policy Papers
Heavily Indebted Poor Countries Initiative and Multilateral Debt Relief Initiative—Statistical Update
International Monetary Fund
The HIPC Initiative and MDRI are nearly complete, with 36 countries having already reached the completion point under the HIPC Initiative. Chad, in April 2015, is the latest country to reach the completion point. Debt relief under the Initiative has alleviated debt burdens substantially in recipient countries and has enabled them to increase their poverty-reducing expenditure by over one and a half percentage points of GDP between 2001 and 2014. Creditor participation in the HIPC Initiative has been strong amongst the multilateral and Paris Club creditors; however participation from other creditor groups still needs to be strengthened. The total cost of debt relief to creditors under the HIPC Initiative is currently estimated to be US$74.8 billion, while the costs to the four multilateral creditors providing relief under the MDRI is estimated at US$41.6 billion in end-2014 present value terms.
Keywords:
PP; cost; IMF MDRI assistance; MDRI; HIPC Initiative; IMF support; IMF ECF program; arrears clearance; IFI arrears; Initiative-Statistical UpdateHeavily Indebted Poor Countries Initiative; cost to the IMF; MDRI trust; Debt relief; Arrears; Debt service
Cover IMF Staff Country Reports
Zimbabwe: Second Review Under the Staff-Monitor Program-Press Release; and 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.
Keywords:
ISCR; CR; management of the International Monetary Fund; reform; reform agenda; earnings; international financial institutions; reconciliation exercise; IMF staff estimate; Zimbabwean authorities; debt stock; legacy debt obligation; Arrears; Fiscal stance; Currencies; Global