Zimbabwe: Second Review Under the Staff-Monitor Program-Press Release; and Staff Report

International Monetary Fund

No 2015/279, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses Zimbabwe’s Second Review of the Staff-Monitored Program. 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 IMF staff welcomes the authorities’ intentions to continue seeking financing through grants and loans that are as concessional as possible, and to limit contracting non-concessional loans to within the ceiling set under the program, and to prioritize investment that would eventually raise Zimbabwe’s capacity to repay.

Keywords: ISCR; CR; management of the International Monetary Fund; reform; reform agenda; earnings; international financial institutions; reconciliation exercise; IMF staff estimate; Zimbabwean authorities; debt stock; legacy debt obligation; Arrears; Fiscal stance; Currencies; Global (search for similar items in EconPapers)
Pages: 39
Date: 2015-10-08
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