IMF Staff Completes Mission for a Staff-Monitored Program to Zimbabwe

[Bulls n Bears]

IMF Staff Completes Mission for a Staff-Monitored Program to Zimbabwe

 

Harare-April 10, 2019

 

End-of-Mission press releases include statements of IMF staff teams that
convey preliminary findings after a visit to a country. The views expressed
in this statement are those of the IMF staff and do not necessarily
represent the views of the IMF's Executive Board. This mission will not
result in a Board discussion.

 

.         IMF staff and the Zimbabwean authorities have reached agreement on
macroeconomic policies and structural reforms that can underpin a Staff
Monitored Program.

.         The SMP aims to implement a coherent set of policies that can
facilitate a return to macroeconomic stability.

 

A team from the International Monetary Fund (IMF), led by Mr. Gene Leon,
visited Harare, April 1-5, 2019 to continue discussions on a Staff Monitored
Program (SMP).

 

At the end of the visit, Mr. Leon issued the following statement:

 

"IMF staff and the Zimbabwean authorities have reached agreement on
macroeconomic policies and structural reforms that can underpin a Staff
Monitored Program. Zimbabwe is facing deep macroeconomic imbalances, with
large fiscal deficits and significant distortions in foreign exchange and
other markets, which severely hamper the functioning of the economy. In
addition, Zimbabwe is facing the challenge of responding to the adverse
effects on agriculture and food security of the el Nino-related drought, as
well as the devastation from Cyclone Idai.

 

"The SMP, which will be monitored on a quarterly basis, aims to implement a
coherent set of policies that can facilitate a return to macroeconomic
stability. Successful implementation will assist in building a track record
and facilitate Zimbabwe's reengagement with the international community. The
policy agenda to be monitored under the SMP is anchored on the authorities'
Transitional Stabilization Program and emphasizes fiscal consolidation, the
elimination of central bank financing of the fiscal deficit, and adoption of
reforms that allow market forces to drive the effective functioning of
foreign exchange and other financial markets. In addition, the agreed
policies-both macroeconomic and structural-can be expected to remove
critical distortions that have held back private sector growth and to
improve governance. The SMP also includes important safeguards to protect
the country's most vulnerable people.

 

"This staff-level agreement is subject to review by the IMF's management."

 

The IMF staff team met with Finance Minister Ncube, Reserve Bank of Zimbabwe
Governor Mangudya, other senior government and RBZ officials, and
non-government representatives.

 

 

 

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