Zimbabwe

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"Zimbabwe's performance under the Staff-Monitored Program (SMP) has been broadly satisfactorily through the difficult electoral transition period, and the authorities have taken corrective measures to restore a track record of policy implementation going forward. In the attached Letter of Intent (LOI), the authorities outline progress in implementing the SMP; the agreed quantitative targets and structural benchmarks to be monitored for the third review; and their plans to advance the structural reform agenda and to more generally strengthen performance under the SMP. Performance under the staff-monitored program. The SMP provided a useful anchor for Zimbabwe in an election year. However, progress in implementing the program was slowed by a long electoral process and a protracted post-election transition, as well as an adverse external environment. Thus, a number of quantitative targets and structural benchmarks were not met. The authorities have began implementing policy measures and a program of reforms aimed at addressing the fiscal gap that has emerged for 2014; improving the quality of public expenditures; enhancing financial sector stability; and moving forward delayed structural reform measures. The authorities have reiterated their continued commitment to the policies agreed under the SMP, and to enhanced engagement with the creditors and the international community. The authorities have agreed to the publication of the Letter of Intent, and the staff report"--Abstract.

Zimbabwe First And Second Reviews Under The Staff Monitored Program Staff Report And Press Release

Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 149837526X
Size: 19.15 MB
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EXECUTIVE SUMMARY Zimbabwe’s performance under the Staff-Monitored Program (SMP) has been broadly satisfactorily through the difficult electoral transition period, and the authorities have taken corrective measures to restore a track record of policy implementation going forward. In the attached Letter of Intent (LOI), the authorities outline progress in implementing the SMP; the agreed quantitative targets and structural benchmarks to be monitored for the third review; and their plans to advance the structural reform agenda and to more generally strengthen performance under the SMP. Performance under the staff-monitored program. The SMP provided a useful anchor for Zimbabwe in an election year. However, progress in implementing the program was slowed by a long electoral process and a protracted post-election transition, as well as an adverse external environment. Thus, a number of quantitative targets and structural benchmarks were not met. The authorities have began implementing policy measures and a program of reforms aimed at addressing the fiscal gap that has emerged for 2014; improving the quality of public expenditures; enhancing financial sector stability; and moving forward delayed structural reform measures. The authorities have reiterated their continued commitment to the policies agreed under the SMP, and to enhanced engagement with the creditors and the international community. The authorities have agreed to the publication of the Letter of Intent, and the staff report.

Zimbabwe Second Review Under The Staff Monitor Program Press Release And Staff Report

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1513572741
Size: 77.63 MB
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Context: The authorities have demonstrated their commitment to the program by taking important steps towards advancing their macroeconomic and structural reforms, despite increasing economic and financial difficulties. The policy reform agenda for the remainder of the Staff-Monitored Program (SMP) consists of: (a) mitigating the impact of this year’s adverse shocks on the external position and growth; (b) improving the investment climate; (c) restoring confidence in the financial sector; and (d) garnering support for a strategy to clear arrears to the international financial institutions (IFIs). Recent developments, outlook, and risks: Zimbabwe's economic and financial conditions remain difficult because of inadequate external inflows given the arrears situation, low commodity prices which have kept liquidity conditions tight, and an appreciating U.S. dollar. Growth has slowed, unemployment is rising and increasingly there is a shift in economic activity to the informal sector. The external position remains precarious with very low levels of international reserves, and the country is in debt distress. Risks to the outlook stem mainly from fiscal challenges, weak global commodity prices, adverse weather conditions, and policy implementation in a difficult political environment. However, further advancing the reforms and reengaging with creditors could reopen Zimbabwe’s access to financial support that could reverse the adverse economic trend and lift the economic outlook. Program performance: The program is on track. Four of the five quantitative targets for end-June 2015, and all the structural benchmarks for the second review were met. Although a recently contracted $200 million nonconcessional loan breached the quantitative target on nonconcessional borrowing, it avoided the accumulation of additional external arrears. The authorities have made significant progress in implementing their reform agenda, particularly in financial sector and labor-market reforms. They are starting to take steps to rationalize public expenditure and reduce public sector employment costs. The authorities continue to see the SMP as a crucial tool in building a track record toward normalizing relations with creditors and addressing Zimbabwe’s deep seated structural issues. Reengagement with creditors: The authorities have intensified their reengagement with the international community, with the immediate objective of resolving arrears with the IFIs, and eventually seeking debt rescheduling under the umbrella of the Paris Club. To this end, they have developed a strategy for clearing Zimbabwe’s external arrears to IFIs, for which they intend to seek the support of creditors and development partners at a meeting on the sidelines of the 2015 annual meetings in Lima, Peru. Strong support from the Lima meeting, successful completion of the SMP and continued commitment by the authorities would set the stage for advancing the reengagement process with the IFIs and bilateral creditors.

Zimbabwe First Review Under The Staff Monitor Program Staff Report And Press Release

Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1475569203
Size: 66.86 MB
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EXECUTIVE SUMMARY Context. The Zimbabwean authorities have made progress in implementing their macroeconomic and structural reform programs, despite the economic and financial difficulties. During 2015, the authorities’ policy reform agenda will continue to focus on: (a) reducing the primary fiscal deficit to raise Zimbabwe’s capacity to repay; (b) restoring confidence in the financial system; (c) improving the business climate; and (d) garnering support for an arrears clearance strategy. Recent developments, outlook, and risks. Zimbabwe’s economic prospects remain difficult. Growth has slowed and is expected to weaken further in 2015. Despite the favorable impact of lower oil prices, the external position remains precarious and the country is in debt distress. Key risks to the outlook stem largely from a further decline in global commodity prices, fiscal challenges, and possible difficulties in policy implementation. However, the authorities are committed to intensifying their efforts to ensure successful implementation of the program and to lay the ground for stronger, more inclusive, and lasting economic growth. Program performance. All quantitative targets and structural benchmarks for the first review under the staff-monitored program (SMP) were met. The authorities demonstrated strong commitment to the program, in a difficult economic and financial environment. Moreover, they have made meaningful progress in implementing other key structural reforms, such as making operational an asset management company and amending the indigenization and empowerment law. Reengagement with creditors. The authorities have stepped up their reengagement with creditors, including by increasing payments to the World Bank (WB) and the African Development Bank (AfDB), a key step in their roadmap toward seeking rescheduling of bilateral official debt under the umbrella of the Paris Club. These developments constitute important steps toward reengaging with the international financial institutions (IFIs). They plan to step up their efforts to build consensus among creditors and development partners on ways to address the external arrears.

Zimbabwe Third Review Under The Staff Monitored Program And Successor Staff Monitored Program Staff Report And Press Release

Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1498307973
Size: 16.68 MB
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This paper discusses Zimbabwe’s Third Review Under the Staff-Monitored Program (SMP) and the successor SMP. Zimbabwe has succeeded in keeping macroeconomic conditions relatively stable, despite difficult political and economic circumstances. In particular, the precarious external position improved somewhat, with higher international reserves and a projected lower current account deficit in 2014. The SMP will cover a 15-month period, October 2014 through December 2015, and will be monitored based on quantitative targets and structural benchmarks. The IMF staff welcomes the authorities’ intention to continue to seek financing through grants or loans that are as concessional as possible, and to limit contracting nonconcessional loans within the ceilings set under the program.

Zimbabwe 2014 Article Iv Consultation Staff Report Press Release And Statement By The Executive Director For Zimbabwe

Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1498361048
Size: 24.48 MB
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This 2014 Article IV Consultation highlights that economic rebound in Zimbabwe experienced since the end of hyperinflation in 2009 has now ended. After averaging 10 percent over 2009–2012, growth fell to an estimated 3.3 percent in 2013, reflecting tight liquidity conditions, election-year uncertainty, weak demand for key exports, competitiveness pressures, and the impact of adverse weather conditions. Inflation continued its downward trend from 2.9 percent (year over year) at end-2012 to ?0.3 percent in April 2014. The medium-term outlook, under the baseline scenario, is for growth to average some 4 percent, as large mining sector investments reach full capacity.

Democratic Republic Of The Congo

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 145276607X
Size: 39.39 MB
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This paper examines the Democratic Republic of the Congo’s 2003 Article IV Consultation, First Review Under the Poverty Reduction and Growth Facility (PRGF), and Request for Waiver of Performance Criteria. Through September 2002, overall performance under the PRGF-supported program was broadly satisfactory, with good progress in the structural area. The annualized rate of inflation for the first nine months of 2002 reached 11 percent, down from 135 percent in 2001. Economic growth is expected to be positive for the first time in 13 years.

The Future Of Asian Finance

Author: Ms. Ratna Sahay
Publisher: International Monetary Fund
ISBN: 1513517643
Size: 30.72 MB
Format: PDF
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Asia’s financial systems proved resilient to the shocks from the global financial crisis, and growth since then has been strong. But new challenges have emerged in the region’s economies, including demographics and aging, the need to diversify from bank-dominated systems, urbanization and infrastructure, and the rebalancing of economic activity. This book takes stock of how systems in Asia’s advanced and emerging market economies compare with the rest of the world and how reforms to develop equity and bond markets have progressed. It then looks forward at how Asian financial systems will evolve in complexity and interconnectedness and what this means for the regional financial centers of Hong Kong SAR and Singapore. Finally, it looks at how the region’s demographic dividend can be harnessed to finance infrastructure, the state of economic and financial integration in ASEAN, the role of capital flows, and how changes to global regulatory regimes will affect Asian financial systems.

Imf Survey No 7 2004

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1455252751
Size: 21.89 MB
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The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx