IMF Executive Board Concludes 2022 Article IV Consultation with Zimbabwe

[Bulls n Bears]

 <mailto:bulls at bullszimbabwe.com> 

 

Washington, DC - March 24, 2022: The Executive Board of the International
Monetary Fund (IMF) concluded the Article IV Consultation1 with Zimbabwe on
March 21, 2022. 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. The authorities' swift
response to the pandemic, including through containment measures and
economic and social support, helped contain its adverse impact.
Pandemic-related spending, equivalent to 2 percent of GDP, in 2020 was
financed by reallocation within the budget. In 2021, such outlays
represented about 1.6 percent of GDP, partially financed by the SDR
allocation. In addition, expenditures were increased to bolster food
security and farm inputs to vulnerable households. The Reserve Bank of
Zimbabwe introduced a medium-term bank accommodation lending facility and
private sector lending facility. 

See attached report for further reading

 

 

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