## Press Release: IMF Executive Board Upholds Sanctions Against Zimbabwe

_IMF News, March 8, 2006_

## Source details

**Canonical URL:** [Press Release: IMF Executive Board Upholds Sanctions Against Zimbabwe](https://www.imf.org/en/news/articles/2015/09/14/01/49/pr0645)

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## Bibliographic details
- Published: March 8, 2006

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### Executive Board decision
- 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:
  - not to restore Zimbabwe's voting and related rights at this juncture, and
  - not to terminate Zimbabwe's ineligibility to use the general resources of the Fund at this juncture.

### Arrears status and legal framework
- GRA arrears:
  - Zimbabwe made a full settlement of its arrears to the IMF's General Resources Account (GRA).
- PRGF-ESF Trust arrears:
  - The Board considered outstanding arrears to the Poverty Reduction and Growth Facility (PRGF)-Exogenous Shocks Facility (ESF) Trust Fund.
  - Zimbabwe remains in continuous arrears to the PRGF-ESF Trust since February 2001.
  - Zimbabwe is the only case of protracted arrears to the PRGF-ESF Trust, which currently amount to SDR 83 million (about US$119 million).
- Legal separation:
  - GRA and PRGF arrears are subject to separate legal frameworks; decisions addressing PRGF-ESF Trust arrears remain in place.
  - As a result, Zimbabwe remains excluded from the list of PRGF-eligible countries (see Press Release No. 01/40).

### Policy guidance and follow-up
- 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.

### Key statistics and references
- 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

*Source: Press Release No. 06/45 — IMF, March 8, 2006.*

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## Content in this bundle

- [Pam45pdf (PDF)](/-/media/websites/imf/imported/external/pubs/ft/pam/pam45/pdf/_pam45pdf.pdf){rel="external" type="application/pdf"}

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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/)
- [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)

_Source: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr0645_