## Press Release: IMF Declares Zimbabwe Ineligible to Use IMF Resources

_IMF News, September 25, 2001_

## Source details

**Canonical URL:** [Press Release: IMF Declares Zimbabwe Ineligible to Use IMF Resources](https://www.imf.org/en/news/articles/2015/09/14/01/49/pr0140)

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## Bibliographic details
- Published: September 25, 2001

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### Executive Board decision
- Press Release No. 01/40 dated September 25, 2001.
- On September 24, 2001 the Executive Board of the International Monetary Fund (IMF) reviewed Zimbabwe's overdue financial obligations to the IMF and:
  - declared Zimbabwe ineligible to use the general resources of the IMF; and
  - removed Zimbabwe from the list of countries eligible to borrow resources under the Poverty Reduction and Growth Facility (PRGF).

### Overdue obligations and arrears
- Zimbabwe first incurred arrears to the IMF in mid-February 2001.
- At end-August 2001 Zimbabwe's overdue obligations totaled SDR 41.3 million (about US$53 million), including:
  - SDR 18.9 million (about US$24 million) to the IMF's General Department; and
  - SDR 22.3 million (about US$29 million) to the PRGF Trust.

### Rationale and remedial framework
- The declaration of ineligibility to use the general resources of the IMF is one of the remedial measures to encourage members to settle overdue financial obligations to the IMF.
- Removing a country from the list of PRGF-eligible countries is a parallel action when a member has overdue obligations to the PRGF Trust.

### Executive Board's requests and assessments
- The Executive Board urged the Zimbabwean authorities to make full and prompt settlement of Zimbabwe's overdue financial obligations to the IMF.
- The Executive Board acknowledged the authorities' intention to initiate quarterly payments to the IMF as a first step of cooperation, but noted those payments would fall far short of the amount required to stabilize the level of arrears to the IMF.
- The Executive Board urged the Zimbabwean authorities to adopt the economic and financial policies needed to enable Zimbabwe to achieve economic recovery as soon as possible.
- The Executive Board indicated that the Fund stood ready to cooperate with the authorities in support of efforts to adopt and implement a comprehensive economic recovery program.

### Follow-up
- The Executive Board will review further the matter of Zimbabwe's overdue financial obligations to the Fund within three months.

*International Monetary Fund press release (September 25, 2001).*

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## References

- [Zimbabwe and the IMF](http://www.imf.org/external/country/ZWE/index.htm)
- [Press Releases](https://www.imf.org/en/news/searchnews)
- [PRESS CENTER](http://presscenter.imf.org/)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr0140_