<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40"><head><META HTTP-EQUIV="Content-Type" CONTENT="text/html; charset=us-ascii"><meta name=Generator content="Microsoft Word 15 (filtered medium)"><!--[if !mso]><style>v\:* {behavior:url(#default#VML);}
o\:* {behavior:url(#default#VML);}
w\:* {behavior:url(#default#VML);}
.shape {behavior:url(#default#VML);}
</style><![endif]--><style><!--
/* Font Definitions */
@font-face
{font-family:Helvetica;
panose-1:2 11 6 4 2 2 2 2 2 4;}
@font-face
{font-family:Wingdings;
panose-1:5 0 0 0 0 0 0 0 0 0;}
@font-face
{font-family:"Cambria Math";
panose-1:2 4 5 3 5 4 6 3 2 4;}
@font-face
{font-family:Calibri;
panose-1:2 15 5 2 2 2 4 3 2 4;}
@font-face
{font-family:Verdana;
panose-1:2 11 6 4 3 5 4 4 2 4;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{margin:0cm;
margin-bottom:.0001pt;
font-size:11.0pt;
font-family:"Calibri",sans-serif;
mso-fareast-language:EN-US;}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:#0563C1;
text-decoration:underline;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-priority:99;
color:#954F72;
text-decoration:underline;}
span.EmailStyle17
{mso-style-type:personal-compose;
font-family:"Calibri",sans-serif;
color:windowtext;}
.MsoChpDefault
{mso-style-type:export-only;
font-family:"Calibri",sans-serif;
mso-fareast-language:EN-US;}
@page WordSection1
{size:612.0pt 792.0pt;
margin:72.0pt 72.0pt 72.0pt 72.0pt;}
div.WordSection1
{page:WordSection1;}
/* List Definitions */
@list l0
{mso-list-id:864445198;
mso-list-template-ids:-1525000446;}
@list l0:level1
{mso-level-number-format:bullet;
mso-level-text:\F0B7;
mso-level-tab-stop:36.0pt;
mso-level-number-position:left;
text-indent:-18.0pt;
mso-ansi-font-size:10.0pt;
font-family:Symbol;}
@list l0:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:72.0pt;
mso-level-number-position:left;
text-indent:-18.0pt;
mso-ansi-font-size:10.0pt;
font-family:"Courier New";
mso-bidi-font-family:"Times New Roman";}
@list l0:level3
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:108.0pt;
mso-level-number-position:left;
text-indent:-18.0pt;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l0:level4
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:144.0pt;
mso-level-number-position:left;
text-indent:-18.0pt;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l0:level5
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:180.0pt;
mso-level-number-position:left;
text-indent:-18.0pt;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l0:level6
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:216.0pt;
mso-level-number-position:left;
text-indent:-18.0pt;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l0:level7
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:252.0pt;
mso-level-number-position:left;
text-indent:-18.0pt;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l0:level8
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:288.0pt;
mso-level-number-position:left;
text-indent:-18.0pt;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l0:level9
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:324.0pt;
mso-level-number-position:left;
text-indent:-18.0pt;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
ol
{margin-bottom:0cm;}
ul
{margin-bottom:0cm;}
--></style><!--[if gte mso 9]><xml>
<o:shapedefaults v:ext="edit" spidmax="1026" />
</xml><![endif]--><!--[if gte mso 9]><xml>
<o:shapelayout v:ext="edit">
<o:idmap v:ext="edit" data="1" />
</o:shapelayout></xml><![endif]--></head><body lang=EN-ZW link="#0563C1" vlink="#954F72"><div class=WordSection1><p class=MsoNormal style='line-height:115%;background:white'><b><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;color:#2C2825;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='line-height:115%;background:white'><b><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;color:#2C2825;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='line-height:115%;background:white'><b><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;color:#2C2825;mso-fareast-language:EN-ZW'>IMF Staff Completes Mission for a Staff-Monitored Program to Zimbabwe<o:p></o:p></span></b></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;color:#2C2825;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><i><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;color:#2C2825;mso-fareast-language:EN-ZW'>Harare-April 10, 2019<o:p></o:p></span></i></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;color:#2C2825;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%;background:#EFEFEF'><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;color:#2C2825;mso-fareast-language:EN-ZW'>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.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;color:#2C2825;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:0cm;text-indent:-18.0pt;line-height:115%;mso-list:l0 level1 lfo1;background:white'><![if !supportLists]><span style='font-size:10.0pt;line-height:115%;font-family:Symbol;color:#2C2825;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;color:#2C2825;mso-fareast-language:EN-ZW'>IMF staff and the Zimbabwean authorities have reached agreement on macroeconomic policies and structural reforms that can underpin a Staff Monitored Program.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:0cm;text-indent:-18.0pt;line-height:115%;mso-list:l0 level1 lfo1;background:white'><![if !supportLists]><span style='font-size:10.0pt;line-height:115%;font-family:Symbol;color:#2C2825;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;color:#2C2825;mso-fareast-language:EN-ZW'>The SMP aims to implement a coherent set of policies that can facilitate a return to macroeconomic stability.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;color:#2C2825;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;color:#2C2825;mso-fareast-language:EN-ZW'>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).<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;color:#2C2825;mso-fareast-language:EN-ZW'> <o:p></o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;color:#2C2825;mso-fareast-language:EN-ZW'>At the end of the visit, Mr. Leon issued the following statement:<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;color:#2C2825;mso-fareast-language:EN-ZW'> <o:p></o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;color:#2C2825;mso-fareast-language:EN-ZW'>“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.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;color:#2C2825;mso-fareast-language:EN-ZW'> <o:p></o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;color:#2C2825;mso-fareast-language:EN-ZW'>“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.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;color:#2C2825;mso-fareast-language:EN-ZW'> <o:p></o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;color:#2C2825;mso-fareast-language:EN-ZW'>“This staff-level agreement is subject to review by the IMF’s management.”<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;color:#2C2825;mso-fareast-language:EN-ZW'> <o:p></o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif;color:#2C2825;mso-fareast-language:EN-ZW'>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.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:10.0pt;line-height:115%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal style='background:white'><i><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Invest Wisely!</span></i><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><b><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Bulls n Bears </span></b><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'> </span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Telephone: <a href="tel:%2B263%204%202927658" target="_blank"><span style='color:black'>+263 4 2927658</span></a></span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Cellphone: <a href="tel:%2B263%2077%20344%201674" target="_blank"><span style='color:black'>+263 77 344 1674</span></a></span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Alt. Email: <a href="mailto:info@bulls.co.zw"><span style='color:blue'>info@bulls.co.zw</span></a> </span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Website: <a href="http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw&sa=D&sntz=1&usg=AFQjCNH8LYgdY55h-XKseuM8Kpr-JKdfhQ" target="_blank"><span style='color:black'>www.bulls.co.zw</span></a> </span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Blog: <a href="http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw%2Fblog&sa=D&sntz=1&usg=AFQjCNFoIy6F9IXAiYnSoPSgWDYsr8Sqtw" target="_blank"><span style='color:black'>www.bulls.co.zw/blog</span></a></span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Twitter: @bullsbears2010</span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>LinkedIn: Bulls n Bears Zimbabwe</span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Facebook: <a href="http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimbabwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA" target="_blank"><span style='color:black'>www.facebook.com/BullsBearsZimbabwe</span></a></span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Skype: Bulls.Bears </span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal><span style='mso-fareast-language:EN-ZW'><img border=0 width=210 height=101 id="Picture_x0020_1" src="cid:image001.jpg@01D4F07F.7899B880" alt="cid:image012.jpg@01D0BFE7.544DF490"><o:p></o:p></span></p><p class=MsoNormal><o:p> </o:p></p></div></body></html>