{
  "title": "Zimbabwe: First Review of the Staff-Monitored Program; Staff Report; and Press Release",
  "publication": "IMF Staff Country Reports, April 28, 2015",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/zimbabwe-first-review-of-the-staff-monitored-program-42869",
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  "summary": "EXECUTIVE SUMMARY Context. The Zimbabwean authorities have made progress in implementing their macroeconomic and structural reform programs, despite the economic and financial difficulties.",
  "publishDate": "2015-04-28",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Context",
      "content": "- Authorities have made progress in implementing macroeconomic and structural reform programs despite economic and financial difficulties.\n- Policy reform agenda during 2015 will continue to focus on:\n  - (a) reducing the primary fiscal deficit to raise Zimbabwe’s capacity to repay;\n  - (b) restoring confidence in the financial system;\n  - (c) improving the business climate;\n  - (d) garnering support for an arrears clearance strategy."
    },
    {
      "heading": "Recent developments, outlook, and risks",
      "content": "- Growth has slowed and is expected to weaken further in 2015.\n- Despite the favorable impact of lower oil prices, the external position remains precarious and the country is in debt distress.\n- Key risks to the outlook:\n  - a further decline in global commodity prices;\n  - fiscal challenges;\n  - possible difficulties in policy implementation.\n- Authorities are committed to intensifying efforts to ensure successful program implementation and to lay the ground for stronger, more inclusive, and lasting economic growth."
    },
    {
      "heading": "Program performance and structural reforms",
      "content": "- All quantitative targets and structural benchmarks for the first review under the staff-monitored program (SMP) were met.\n- Authorities demonstrated strong commitment to the program in a difficult economic and financial environment.\n- Meaningful progress made on other key structural reforms, including:\n  - making operational an asset management company;\n  - amending the indigenization and empowerment law."
    },
    {
      "heading": "Reengagement with creditors",
      "content": "- Authorities have stepped up reengagement with creditors.\n- Increased payments to the World Bank (WB) and the African Development Bank (AfDB), described as a key step in the roadmap toward seeking rescheduling of bilateral official debt under the umbrella of the Paris Club.\n- Developments seen as important steps toward reengaging with the international financial institutions (IFIs).\n- Authorities plan to step up efforts to build consensus among creditors and development partners on ways to address the external arrears.\n\n---\n\n Content in this bundle\n\n- cr15105 — Executive Summary\n  - cr15105 — Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr15105 — Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/zimbabwe-first-review-of-the-staff-monitored-program-42869"
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    "Published: April 28, 2015",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475518771.002",
    "Authorities have made progress in implementing macroeconomic and structural reform programs despite economic and financial difficulties.",
    "Policy reform agenda during 2015 will continue to focus on:",
    "Growth has slowed and is expected to weaken further in 2015.",
    "Despite the favorable impact of lower oil prices, the external position remains precarious and the country is in debt distress.",
    "Key risks to the outlook:",
    "Authorities are committed to intensifying efforts to ensure successful program implementation and to lay the ground for stronger, more inclusive, and lasting economic growth.",
    "All quantitative targets and structural benchmarks for the first review under the staff-monitored program (SMP) were met.",
    "Authorities demonstrated strong commitment to the program in a difficult economic and financial environment.",
    "Meaningful progress made on other key structural reforms, including:",
    "Authorities have stepped up reengagement with creditors.",
    "Increased payments to the World Bank (WB) and the African Development Bank (AfDB), described as a key step in the roadmap toward seeking rescheduling of bilateral official debt under the umbrella of the Paris Club.",
    "Developments seen as important steps toward reengaging with the international financial institutions (IFIs).",
    "Authorities plan to step up efforts to build consensus among creditors and development partners on ways to address the external arrears.",
    "**_cr15105 — Executive Summary**"
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