{
  "title": "Press Release: IMF Executive Board Upholds Sanctions Against Zimbabwe",
  "publication": "IMF News, March 8, 2006",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/14/01/49/pr0645",
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  "summary": "Date of press release: March 8, 2006",
  "publishDate": "2006-03-08",
  "sections": [
    {
      "heading": "Executive Board decision",
      "content": "- Date of press release: March 8, 2006\n- The Executive Board met to review Zimbabwe's overdue financial obligations to the Fund and consider sanctions imposed on Zimbabwe.\n- Following Zimbabwe's full settlement of its arrears to the IMF's General Resources Account (GRA), the Managing Director withdrew his complaint with respect to compulsory withdrawal (see Press Release No. 06/33).\n- The Executive Board decided:\n  - not to restore Zimbabwe's voting and related rights at this juncture, and\n  - not to terminate Zimbabwe's ineligibility to use the general resources of the Fund at this juncture."
    },
    {
      "heading": "Arrears status and legal framework",
      "content": "- GRA arrears:\n  - Zimbabwe made a full settlement of its arrears to the IMF's General Resources Account (GRA).\n- PRGF-ESF Trust arrears:\n  - The Board considered outstanding arrears to the Poverty Reduction and Growth Facility (PRGF)-Exogenous Shocks Facility (ESF) Trust Fund.\n  - Zimbabwe remains in continuous arrears to the PRGF-ESF Trust since February 2001.\n  - Zimbabwe is the only case of protracted arrears to the PRGF-ESF Trust, which currently amount to SDR 83 million (about US$119 million).\n- Legal separation:\n  - GRA and PRGF arrears are subject to separate legal frameworks; decisions addressing PRGF-ESF Trust arrears remain in place.\n  - As a result, Zimbabwe remains excluded from the list of PRGF-eligible countries (see Press Release No. 01/40)."
    },
    {
      "heading": "Policy guidance and follow-up",
      "content": "- The Board noted that Zimbabwe's economic crisis calls for urgent implementation of a comprehensive policy package comprising several mutually reinforcing actions in the area of macroeconomic stabilization and structural reforms.\n- The Board urged Zimbabwe to continue its efforts to resolve the remaining overdue financial obligations to the PRGF-ESF Trust.\n- The Fund agreed to consider further Zimbabwe's overdue financial obligations to the PRGF-ESF Trust within six months of the date of this decision."
    },
    {
      "heading": "Key statistics and references",
      "content": "- Continuous PRGF-ESF Trust arrears since: February 2001\n- PRGF-ESF Trust arrears amount: SDR 83 million (about US$119 million)\n- Follow-up review timeframe: within six months of the date of this decision\n- Related press releases referenced: Press Release No. 06/33; Press Release No. 01/40\n\nSource: Press Release No. 06/45 — IMF, March 8, 2006.\n\n---\n\n Content in this bundle\n\n- Pam45pdf (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Zimbabwe and the IMF\n- Press Releases\n- PRESS CENTER\n- see Press Release No. 06/33\n- see Press Release No. 01/40\n- http://www.imf.org/external/np/exr/facts/prgf.htm\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr0645"
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    "Published: March 8, 2006",
    "Date of press release: March 8, 2006",
    "The Executive Board met to review Zimbabwe's overdue financial obligations to the Fund and consider sanctions imposed on Zimbabwe.",
    "Following Zimbabwe's full settlement of its arrears to the IMF's General Resources Account (GRA), the Managing Director withdrew his complaint with respect to compulsory withdrawal (see Press Release No. 06/33).",
    "The Executive Board decided:",
    "GRA arrears:",
    "PRGF-ESF Trust arrears:",
    "Legal separation:",
    "The Board noted that Zimbabwe's economic crisis calls for urgent implementation of a comprehensive policy package comprising several mutually reinforcing actions in the area of macroeconomic stabilization and structural reforms.",
    "The Board urged Zimbabwe to continue its efforts to resolve the remaining overdue financial obligations to the PRGF-ESF Trust.",
    "The Fund agreed to consider further Zimbabwe's overdue financial obligations to the PRGF-ESF Trust within six months of the date of this decision.",
    "Continuous PRGF-ESF Trust arrears since: February 2001",
    "PRGF-ESF Trust arrears amount: SDR 83 million (about US$119 million)",
    "Follow-up review timeframe: within six months of the date of this decision",
    "Related press releases referenced: Press Release No. 06/33; Press Release No. 01/40",
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    "[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/)",
    "[see Press Release No. 06/33](https://www.imf.org/external/np/sec/pr/2006/pr0633.htm)",
    "[see Press Release No. 01/40](https://www.imf.org/external/np/sec/pr/2001/pr0140.htm)",
    "[http://www.imf.org/external/np/exr/facts/prgf.htm](https://www.imf.org/external/np/exr/facts/prgf.htm)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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