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Finance Manager Corporate (Harare)

An International Monetary Fund (IMF) staff team led by Wojciech Maliszewski was on a visit to Harare, Zimbabwe from 31 January to 14 February 2024 to discuss the authorities’ request for a Staff Monitored Programme (SMP) and commence the 2024 Article IV Consultation.
An IMF Staff Monitored Programme, or SMP, is an informal agreement between an IMF member country and IMF staff to monitor the member country’s economic programme.
After the IMF mission, Maliszewski issued the following statement:
<blockquote>
Economic activity in Zimbabwe continues to show resilience in the face of currency instability and high inflation.
GDP growth is estimated at 5.3 percent in 2023, on the back of an expansion in agriculture and mining, and—buoyed by related foreign currency inflows and by remittances—in the highly-dollarized domestic trade and services.
Growth is expected to decelerate to about 3¼ percent in 2024, partly reflecting the impact of a drought on agriculture production and lower commodity prices.
These factors are also expected to reduce foreign currency inflows, but remittances will likely remain strong, and the current account is projected to be in small surplus.
This should support liquidity in the dollarized part of the economy, sustaining growth in domestic trade, services, and construction.
However, local-currency (ZWL) instability intensified: the official exchange rate has depreciated by about 95 percent since the beginning of December 2023; the gap to the parallel market rate remains wide (above 30 percent); and ZWL inflation is still very high.
This instability weighs on sentiment, while exchange rate restrictions (prescribing retailers to use the official ZWL exchange rate with up to a 10 percent margin—inflating US dollar prices) continue to be a burden on the formal sector.
They promote informality, which erodes the tax base and undermines longer-term growth prospects.
Risks remain skewed to the downside, and the outlook will crucially depend on progress toward macroeconomic stabilization and transformational structural reforms.
The authorities have requested a new Staff Monitored Program (SMP) to support their stabilization efforts and re-engagement with the international community through building a track record of sound economic policies. The mission was a step in the preparations for an SMP and initiated Article IV consultations.
Discussions covered policies to restore macroeconomic stability and improve growth prospects, focusing on addressing the sources of fiscal pressures including quasi-fiscal operations (QFOs) of the Reserve Bank of Zimbabwe (RBZ); liberalizing the foreign exchange market and establishing an effective framework for exchange rate and monetary policies; and progressing on reforms to improve economic governance and reduce corruption vulnerabilities.
The mission welcomes the authorities’ strong resolve to address the sources of fiscal pressures. The transfer of RBZ’s external liabilities related to the QFOs to the Treasury—which include long-term loans, short-term liabilities, and the “blocked funds”—represents an important step in this regard.
However, the larger-than-anticipated costs of servicing these obligations will open a financing gap in the 2024 budget.
Discussions focused on identifying options to close this gap in a way that avoids inflationary financing, and the mission encourages the authorities to develop and implement a comprehensive plan to this end.
This should be accompanied by ensuring that the appropriate legal framework is in place to complete the transfer.
Restoring macroeconomic stability will also require addressing other sources of fiscal pressures, including those emanating from other non-core (not related to the goal of price and financial stability) operations of the RBZ and from SOEs.
The mission encourages the authorities to accelerate the FX market reform by promoting a more transparent and market-driven price discovery in the official exchange rate and by removing existing exchange restrictions and distortions.
In particular, the restriction on the 10 per cent allowable trading margin for pricing domestic transactions should be eliminated.
The FX market reform should be accompanied by the establishment of an effective framework for exchange rates and monetary policies.
Establishing such a framework requires careful preparations, including, among other steps, comprehensively addressing underlying sources of fiscal pressures. The RBZ Act should be amended, including narrowing its legal mandate to core functions.
Structural reforms aimed at improving the business climate, strengthening economic governance and reducing corruption vulnerabilities are key for promoting sustained and inclusive growth and would bode well for supporting Zimbabwe’s development objectives embodied in the country’s National Development Strategy 1 (2021-2025).
In this context, the mission encourages the authorities to ensure that the corporate governance arrangement, transparency and financial reporting, and accountability oversight of the recently established Mutapa fund are in line with international standards and good practices.
Sustainable development will also require the resolution of the debt overhang. International re-engagement remains critical for debt resolution and access to financial support.
In this context, the authorities’ re-engagement efforts, through the Structured Dialogue Platform, are key for attaining debt sustainability and gaining access to concessional external financing.
The IMF maintains an active engagement with Zimbabwe and continues to provide policy advice and extensive technical assistance in the areas of revenue mobilization, expenditure control, financial supervision, debt management, economic governance and anti-corruption, and macroeconomic statistics.
However, the IMF is currently precluded from providing financial support to Zimbabwe due to its unsustainable debt situation—based on the IMF’s Debt Sustainability Analysis (DSA)—and official external arrears.
An IMF financial arrangement would require a clear path to comprehensive restructuring of Zimbabwe’s external debt, including the clearance of arrears and a reform plan that is consistent with durably restoring macroeconomic stability; enhancing inclusive growth; lowering poverty; and strengthening economic governance.
The IMF staff held meetings with the Minister of Finance and Economic Development Hon. Professor Mthuli Ncube, the Deputy Minister of Finance and Economic Development Hon. David Mnangagwa, the Reserve Bank of Zimbabwe Governor Dr John Mangudya, other senior government and RBZ officials, the private sector, civil society organizations, and Zimbabwe’s development partners.
The IMF staff wishes to thank the Zimbabwean authorities and other stakeholders for the constructive discussions and support during the 2024 Article IV consultation mission.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

IMF Projects Zimbabwe's Economic Growth To Decelerate To 3.25% In 2024

Parliament has ordered the Ministry of Primary and Secondary Education to explain how it used US$10 million from the International Monetary Fund (IMF).
The Education Ministry was allocated US$10 million in Special Drawing Rights (SDRs) from the (IMF).
Parliamentary Portfolio Committee on Primary and Secondary Education chairperson Torerai Moyo told <a href="https://www.newsday.co.zw/thestandard/local-news/article/200010084/parly-demands-answers-from-education-ministry">NewsDay</a> that Education ministry officials failed to fully explain how they used their allocation when they appeared before the House. He said:
<blockquote>
There was nothing on the utilisation of the US$10 million Special Drawing Rights; I told them to bring the draft after the holiday.
</blockquote>
On 23 August 2021, Zimbabwe received Special Drawing Rights (SDRs) under the general allocation amounting to SDR677,436,012.00 (approximately US$958 million), from the International Monetary Fund (IMF).
According to Veritas, the allocation provided a huge stimulus to the Zimbabwean economy, following the devastating impacts of the COVID-19 pandemic and has assisted Zimbabwe in its post-COVID-19 recovery path.
The Government said part of the funding went to the manufacturing, health, education, agriculture and mining sectors.
The amount of SDRs that are allocated to each country is based on their individual IMF quotas.
IMF quotas are based broadly on the relative economic position of the country in the world economy.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Parliament Demands Answers From Education Ministry Over US$10 Million IMF Funds

An International Monetary Fund (IMF) staff team conducted a mission to Harare from 1 to 15 December 2022, in the context of the 2023 Article IV Consultation.
At the conclusion of the IMF mission, the staff team leader, Dhaneshwar Ghura issued the following statement:
<blockquote>
The government provided a swift response to the COVID-19 pandemic, supporting businesses, livelihoods, and the health sector, resulting in real output growth of 8.5 percent in 2021, underscoring the economy’s resilience.
Renewed domestic and external shocks (inflation surge, erratic rainfall, electricity shortages, and Russia’s war in Ukraine) are, however, adversely affecting economic and social conditions.
Real GDP growth is thus expected to decline to about 3.5 percent in 2022. These multiple shocks will continue to weigh on Zimbabwe’s growth prospects.
Currency and price pressures, which emerged earlier this year largely owing to a spike in broad money growth and an official exchange rate misaligned with market fundamentals, are subsiding.
Annual inflation, which had increased to 285 percent in August 2022, has been decelerating since, a trend which if sustained by appropriate policies, would go a long way in anchoring inflation expectations.
The IMF mission notes the authorities’ efforts to stabilize the local foreign exchange market and lower inflation.
In this regard, the swift tightening of monetary policy along with greater official exchange rate flexibility and a prudent fiscal stance are policies in the right direction and have contributed to a narrowing of the premia in the parallel foreign exchange market.
In addition, the authorities have identified large payments to suppliers, the result of over-invoicing, as a source of pressure on the parallel market and in response have launched value-for-money audits and introduced measures to strengthen procurement regulations. 
Uncertainty remains high, however, and the economic outlook will depend on the implementation of key policies and the evolution of external shocks.
A near-term policy imperative is to sustainably anchor macroeconomic stability.
In this context, Fund staff recommend accelerating the liberalization of the FX market, including through the removal of restrictions on the exchange rate at which banks, authorized dealers, and businesses transact; addressing the Reserve Bank of Zimbabwe’s quasi-fiscal operations to mitigate liquidity pressures; maintaining an appropriately tight monetary policy stance to durably restore macroeconomic stability and ensure social stability; restoring the effectiveness of the monetary policy, including through the use of appropriate interest-bearing instruments to mop up liquidity and winding down the use of gold coins; and maintaining a prudent fiscal stance.
Fiscal policy should aim at containing the deficit in line with available non-inflationary financing and creating fiscal space for critical spending.
This can be achieved by mobilizing additional revenues, based on tax policy reforms, and by scaling back non-priority outlays while strengthening public finance management.
The financial oversight of the state-owned enterprise (SOEs) by the Treasury should be further strengthened in order to minimize fiscal risks.
In the context of a tight monetary policy, enhanced regulatory oversight is required to ensure financial sector resilience.
Addressing the remaining Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) weaknesses would strengthen banks’ resilience and effectiveness.
Reforms to economic institutions and the governance and anti-corruption frameworks are critical for strengthening the foundations for private sector development and inclusive growth.
“Ensuring durable macroeconomic stability and revitalizing structural reforms would support Zimbabwe’s development objectives as embodied in the country’s National Development Strategy 1 (2021-2025).
International re-engagement remains critical for debt resolution and access to external financial support.
In a bid to advance the re-engagement process, the authorities have adopted an Arrears Clearance, Debt Relief and Restructuring strategy; continued token payments to external creditors; and launched a Dialogue Platform to foster discussions among the various stakeholders.
Zimbabwe has been a Fund member in good standing since it cleared its outstanding arrears to the IMF in late 2016.
The Fund provides extensive technical assistance in the areas of revenue mobilization, expenditure control, monetary and exchange rate policy, banking sector, debt management, governance, and macroeconomic statistics.
However, the IMF is precluded from providing financial support to Zimbabwe due to official external arrears and unsustainable debt.
A Fund financial arrangement would require a clear path to a comprehensive restructuring of Zimbabwe’s external debt, including the clearance of arrears; and a reform plan that is consistent with durably restoring macroeconomic stability, enhancing inclusive growth, lowering poverty, and strengthening economic governance.
The IMF staff held meetings with Minister of Finance and Economic Development Honorable Professor Mthuli Ncube, his Permanent Secretary Mr. George Guvamatanga, Reserve Bank of Zimbabwe Governor Dr. John Mangudya, Deputy Chief Secretary to the President and Cabinet Mr. Willard Manungo, other senior government and RBZ officials, representatives of the private sector, civil society, and Zimbabwe’s development partners.
The IMF staff would like to thank the Zimbabwean authorities and other stakeholders for constructive discussions and support during the 2023 Article IV consultation mission.
</blockquote>

IMF Staff Concludes Article IV Mission to Zimbabwe | Full Statement

The Herald reports that there was chaos at ZESA’s outlet in Wayne Street, Harare this Friday as residents scrambled to purchase purportedly cheap electricity before the window closes.
The power utility announced that between the monthly 200 units of electricity for each household meter were enough for an average family before the very expensive tariff for extra units kicks in.
This total of 200 units goes beyond sustenance as it allows a family to use power in a relatively unrestricted manner.
ZESA recently increased prices of tariffs in a bid to match the economic situation in the country which is characterised by hyperinflation and declining power generation which forced the power utility to import electricity from neighbouring South Africa and Mozambique.
The living standards of the general populace have sharply deteriorated over the past 24 months. This is in sync with the World Bank’s recent report which observed that <a href="https://news.pindula.co.zw/2019/10/18/sharp-increase-to-the-number-of-zimbabweans-living-in-extreme-poverty-world-bank/">a huge number of Zimbabweans is now living under the poverty datum line.</a>
Meanwhile, the government expects <a href="https://news.pindula.co.zw/2019/10/31/economy-to-further-decline-power-generation-to-be-cut-finance-minister/">the economy to further decline, power generation to be cut this year</a> before <a href="https://news.pindula.co.zw/2019/10/31/in-2020-the-economy-is-projected-to-turn-around-mthuli-ncube/">regaining power in 2020.</a>
More: <a href="https://www.herald.co.zw/just-in-chaos-reigns-at-zesas-wynne-street/">The Herald</a>

Zimbabweans Stampede To Purchase "Lower Priced" Monthly 200 Units Of Electricity

In a statement on Monday, the International Monetary Fund confirmed the removal of its “remedial measures” against Zimbabwe after the country recently paid its overdue obligations to the organisation.
However, despite the removal of sanctions, the IMF said that it will not be offering any funding to Zimbabwe unless it conform to financial reforms which according to the IMF statement include resolving arrears to multilateral creditors (including the African Development Bank (AfDB), the World Bank, and other multilateral institutions), bilateral official creditors, and external private creditors; and the implementation of strong fiscal adjustment and structural reforms to restore fiscal and debt sustainability and foster private sector development.
More: <a href="http://www.newzimbabwe.com/news-33260-IMF+lifts+sanctions;+but+says+no+new+money/news.aspx">NewZimbabwe.com</a>

IMF removes Zimbabwe sanctions but says no new funding without reforms

Zimbabwe’s coffers have been boosted after the country got access to $91,2 million, which had been held for seven years pending the settlement of overdue obligations to the International Monetary Fund (IMF).
Last week, Zimbabwe cleared its overdue obligations to IMF, when it paid $107,9m after drawing down its special drawing rights (SDR) holdings kept at the fund. The payment unlocked the SDR 66,4 million ($91,2m), which has been held in an escrow account pending the clearance of Zimbabwe’s arrears to the Poverty Reduction and Growth Trust (PRGT).
IMF resident representative to Zimbabwe, Christian Beddies confirmed that Zimbabwe had accessed the escrowed money,
<blockquote>. . . the amount held in escrow is indeed SDR 66,4 million, which became available to Zimbabwe after settling the overdue obligations.</blockquote>
Beddies said after the settling of the PRGT arrears using SDRs, Zimbabwe now has a balance of SDR 80,4 million (about $110 million) in SDR holdings. He however said that the clearance of the PRGT arrears would not result in direct financing, as the executive board has to lift the remaining remedial measures imposed on Zimbabwe because of the arrears.
More: <a href="https://www.newsday.co.zw/2016/10/26/imf-joy-zimbabwe/">NewsDay</a>

Zimbabwe gets access to $91,2 million after clearing IMF debt

The International Monetary Fund (IMF) has announced that Zimbabwe has cleared its arrears, after paying $108 million on Thursday.
Zimbabwe, which has been in arrears since 2001, used its allocation of Special Drawing Rights (SDRs) allocated to all IMF member states in 2009 as part of a global financial rescue package to clear the outstanding amount.
In a statement IMF spokesperson Gerry Rice said,
<blockquote>On October 20, 2016, Zimbabwe settled its overdue financial obligations to the Poverty Reduction and Growth Trust (PRGT) of the IMF. Zimbabwe had been in continuous arrears since 2001. To settle these obligations, which amounted to SDR 78.3 million (about US$107.9 million), Zimbabwe transferred part of its SDR holdings kept at the IMF to the PRGT account. Zimbabwe is now current on all its financial obligations to the IMF.</blockquote>
Harare received $500 million in SDR, released by the IMF to cushion member countries from the global financial crisis in 2009 but maintained reserves of about $130 million. Zimbabwe still owes AfDB ($601 million) and World Bank ($1,15 billion).
More: <a href="http://source.co.zw/2016/10/zimbabwe-clears-imf-arrears/">The Source</a>

Zimbabwe clears IMF debt

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