## Zimbabwe: First Review of the Staff-Monitored Program; Staff Report; and Press Release

_IMF Staff Country Reports, April 28, 2015_

## Source details

**Canonical URL:** [Zimbabwe: First Review of the Staff-Monitored Program; Staff Report; and Press Release](https://www.imf.org/en/publications/cr/issues/2016/12/31/zimbabwe-first-review-of-the-staff-monitored-program-42869)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/zimbabwe-first-review-of-the-staff-monitored-program-42869/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/zimbabwe-first-review-of-the-staff-monitored-program-42869/index.json)
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## Bibliographic details
- Published: April 28, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475518771.002

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### Context
- 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:
  - (a) reducing the primary fiscal deficit to raise Zimbabwe’s capacity to repay;
  - (b) restoring confidence in the financial system;
  - (c) improving the business climate;
  - (d) garnering support for an arrears clearance strategy.

### Recent developments, outlook, and risks
- 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:
  - a further decline in global commodity prices;
  - fiscal challenges;
  - possible difficulties in policy implementation.
- Authorities are committed to intensifying efforts to ensure successful program implementation and to lay the ground for stronger, more inclusive, and lasting economic growth.

### Program performance and structural reforms
- 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:
  - making operational an asset management company;
  - amending the indigenization and empowerment law.

### Reengagement with creditors
- 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.

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## Content in this bundle

- **_cr15105 — Executive Summary**
  - [_cr15105 — Executive Summary (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2015/_cr15105.pdf.md){rel="alternate" type="text/markdown"}
  - [_cr15105 — Executive Summary (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2015/_cr15105.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/zimbabwe-first-review-of-the-staff-monitored-program-42869_