<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:x="urn:schemas-microsoft-com:office:excel" 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:"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:Candara;
panose-1:2 14 5 2 3 3 3 2 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;}
--></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><span style='font-family:"Candara",sans-serif'><o:p> </o:p></span></p><div align=center><table class=MsoTableGrid border=1 cellspacing=0 cellpadding=0 style='border-collapse:collapse;border:none'><tr><td width=623 valign=top style='width:467.5pt;border:none;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal><a href="mailto:bulls@bullszimbabwe.com"><span style='font-family:"Candara",sans-serif;color:windowtext;text-decoration:none'><img border=0 width=652 height=217 style='width:6.7916in;height:2.2638in' id="Picture_x0020_1" src="cid:image001.jpg@01D83FD4.DA7B4D00"></span></a><span style='font-family:"Candara",sans-serif'><o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Candara",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='text-align:justify'><span style='font-family:"Candara",sans-serif'>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. <o:p></o:p></span></p><p class=MsoNormal style='text-align:justify'><b><span style='font-family:"Candara",sans-serif;color:#2F5597;mso-style-textfill-fill-color:#2F5597;mso-style-textfill-fill-alpha:100.0%'>See attached report for further reading</span></b><span style='font-family:"Candara",sans-serif'><o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Candara",sans-serif'><o:p> </o:p></span></p></td></tr></table></div><p class=MsoNormal><span style='font-family:"Candara",sans-serif'><o:p> </o:p></span></p></div></body></html>