By 
By Ross Moyo
Ministry of Finance, Economic Development and Investment Promotion, is meeting with the International Monetary Fund IMF team in the country until June 18, in the capital city of Harare, whose visit marks the start of Zimbabwe’s engagement under the current Staff Monitored Program (SMP), which the government requested in 2023 to demonstrate its commitment to economic reform and international re-engagement also involving settling its usd$21 billion debt.
The country’s ballooning public debt has actually exceeded US$21 billion, including more than US$12.3 billion owed to external creditors and years of unpaid arrears have excluded Zimbabwe from accessing concessional financing from the IMF, World Bank, and other international financial institutions.
Minister of Finance, Economic Development and Investment Promotion Professor Mthuli Ncube said on the SMP,
“This IMF mission is an important opportunity for Zimbabwe to showcase the work we’ve done on macroeconomic stabilisation and reform implementation.”
Professor Ncube added,
“The Staff Monitored Programme (SMP) serves as a foundation for Zimbabwe’s re-engagement with the international financial system.”
This visit is widely regarded as a make-or-break moment for Zimbabwe’s reform agenda as While the SMP does not provide funding, its successful implementation is a prerequisite for future access to concessional financing, potential debt restructuring, and the restoration of confidence among international creditors and investors.
The current review follows an earlier visit in January by an IMF team led by mission chief Wojciech Maliszewski.
The SMP is both a test and a signal of intent with IMF Delegation In Zimbabwe For Economic Reform Talks at a high-level and has now begun formal meetings with the Government of Zimbabwe under the Staff Monitored Programme (SMP).
Comments