## Zimbabwe: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Zimbabwe

_IMF Staff Country Reports, April 8, 2022_

## Source details

**Canonical URL:** [Zimbabwe: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Zimbabwe](https://www.imf.org/en/publications/cr/issues/2022/04/08/zimbabwe-2022-article-iv-consultation-press-release-staff-report-and-statement-by-the-516378)

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## Bibliographic details
- Published: April 8, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400209086.002

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### Overview and recent macroeconomic developments
- Zimbabwe experienced severe exogenous shocks during 2019-20: cyclone Idai, protracted drought, and the COVID-19 pandemic, which along with policy missteps in 2019, led to a deep recession and high inflation.
- Real GDP contracted cumulatively by 11.7 percent during 2019-20.
- Inflation reached 837 percent (y/y) by July 2020.
- Reflecting good rainfall and relaxation of containment measures, real GDP rose by 6.3 percent in 2021.
- A tighter policy stance since mid-2020 (relative to 2019) contributed to reducing inflation to 60.7 percent (y/y) at end-2021.
- High double-digit inflation and wide parallel foreign exchange (FX) market premia persist.

### Financial system, social impact, and vulnerabilities
- The economic downturn and high inflation increased financial system vulnerabilities.
- Extreme poverty has risen.
- About a third of the population is at risk of food insecurity.

### External relations and reengagement
- The international community seeks improvements in domestic political conditions and economic policies to initiate reengagement with Zimbabwe.
- The authorities have started token payments to external creditors in a bid to revive international reengagement.

### Subject areas and keywords highlighted
- Subject: Arrears, Exchange rates, External debt, Foreign exchange, International organization, Monetary policy, Public debt
- Keywords: Africa, anchor inflation expectation, anti-corruption strategy, Arrears, determined reform effort, Exchange rates, Global, IMF governance diagnostic, overarching policy priority, reintroduced Zimbabwe dollar, Southern Africa, Sub-Saharan Africa, Zimbabwean authorities

*Zimbabwe: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Zimbabwe*

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- **1zweea2022003**
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_Source: https://www.imf.org/en/publications/cr/issues/2022/04/08/zimbabwe-2022-article-iv-consultation-press-release-staff-report-and-statement-by-the-516378_