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IMF mission to visit Zimbabwe next week
28 Mar 2019 at 07:50hrs | Views
An IMF mission is expected in Zimbabwe next week to hold discussions with the government on the country's debt clearance strategy and the possibility of yet another Staff-Monitored Programme, George Guvamatanga, the permanent secretary of the Ministry of Finance and Economic Development has said.
Zimbabwe owes $623 million to the African Development Bank (AfDB) and $1,1 billion to the World Bank, a move which has hindered access to cheap lines of credit.
Most commentators say Zimbabwe required more economic and political reforms to fully engage the international community.
A Staff Monitored Programme (SMP) is a supervised economic reform plan undertaken by IMF members with support from the global lender. In 2013, IMF approved an SMP for Zimbabwe which ran up to the end of 2015 where Zimbabwe met all the benchmarks.
Zimbabwe has been mending its relations with IMF culminating in Harare last year clearing the $108 million arrears to the Bretton Woods institution. The obligation had been outstanding since 2001.
IMF responded a month later by removal of remedial measures that applied to Zimbabwe. The measures included the declaration on noncooperation with IMF, suspension of technical assistance which had partially been lifted and renewal of Zimbabwe to the list of Poverty Reduction.
Zimbabwe owes $623 million to the African Development Bank (AfDB) and $1,1 billion to the World Bank, a move which has hindered access to cheap lines of credit.
Most commentators say Zimbabwe required more economic and political reforms to fully engage the international community.
Zimbabwe has been mending its relations with IMF culminating in Harare last year clearing the $108 million arrears to the Bretton Woods institution. The obligation had been outstanding since 2001.
IMF responded a month later by removal of remedial measures that applied to Zimbabwe. The measures included the declaration on noncooperation with IMF, suspension of technical assistance which had partially been lifted and renewal of Zimbabwe to the list of Poverty Reduction.
Source - Business Times
