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IMF Praises Zimbabwe for Intensifying Engagement Efforts With Finance Institutions

International Monetary Fund (IMF) Managing Director Christine Lagarde speaks at the Atlantic Council, April 9, 2015, in Washington.

The International Monetary Fund (IMF) has completed its second review of the Staff Monitored Program, praising the Zimbabwean government for economic reforms and coming up with a plans to settle its debts with international financial institutions under difficult economic conditions.

Addressing a joint press conference with Finance Minister Patrick Chinamasa, IMF head of delegation, Dominique Fanezzi, praised Harare for intensifying its re-engagement efforts with the international financial community.

He said Zimbabwe had developed a debt strategy to resolve its external arrears to international financiers, including the African Development Bank.

Harare intends to seek support from creditors at a dedicated stakeholders meeting to be held on the sidelines of this year’s IMF annual meetings of the IMF and World Bank in Lima, Peru, to pay its debts and inject fresh funds into the economy.

Fanezzi commended the government for its plans to rationalize public expenditure and reduce public sector employment costs, adding reforms will require time and deeper efforts before financial impact is felt on the economy.

Speaking at the same press conference, Chinamasa said Zimbabwe will send a team a to Brussels, Paris and Berlin to explain its debt strategy before the LIMA meeting next month.

The team will be headed by Reserve Bank Governor, John Mangudya.

Mangudya said he was looking beyond the Staff Monitored Program and resumption of financial support from the international financial institutions.

Zimbabwe’s external debt and arrears currently hoover around $8 billion.

The Staff Monitored Program is an informal agreement between Harare and the IMF.

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