Feb. 29, 2020
Zimbabwe’s engagement and re-engagement drive with countries and international financiers continues to gain momentum, with Finance and Economic Development Minister Professor Mthuli Ncube meeting a key World Bank official on Monday this week. The meeting between Prof Ncube and World Bank executive director Ms Anne Kabagambe took place in Harare.
May 6, 2020
The World Bank will grant $7 million to Zimbabwe to help it fight the new coronavirus outbreak that is expected to worsen an already struggling economy and food crisis, a bank spokesman said on Wednesday. Zimbabwe is more than $1.2 billion in arrears to the World Bank, African Development Bank and European Investment Bank, making it ineligible for funding or debt forgiveness from global lenders.
Dec. 4, 2019
With regard to Financial Re-engagement, seven out of nine Staff Monitored Structural benchmark targets have been met, including under smart agriculture financing.
June 2, 2019
Zimbabwe government has started token payments to multilateral institutions and plans to borrow from the G7 Community to clear the outstanding US$1,3 billion to the World Bank, according to Finance and Economic Development Minister Mthuli Ncube.
The country is saddled with a foreign debt of up to US$8 billion, which continues to frustrate efforts to secure new lines of credit for the economy as it heightens country risk. Minister Ncube revealed this while responding to questions in Parliament. He also said Government was taking bold steps to reduce its domestic debt. On the domestic front, between January and April, we have paid off part of the domestic debt. We have spent about RTGS$300 million to pay off the domestic debt and we will continue to reduce it,” he said.
“On the foreign debt, I must say that we have begun to make token payments to the World Bank, European Investment Bank and African Development Bank.”Prof Ncube said the country was on a roadmap to clear external areas and the process involved coming up with the Transitional Stabilisation Programme (TSP), which had already been approved by external creditors.
April 11, 2019
The International Monetary Fund (IMF) reached an agreement with Zimbabwean authorities on the implementation of critical policies and reforms designed to facilitate Zimbabwe’s reengagement with the international community. In a statement following an IMF team’s visit to Zimbabwe led by Gene Leon under a Staff Monitored Program (SMP), Leon said, “IMF staff and the Zimbabwean authorities have reached agreement on macroeconomic policies and structural reforms that can underpin a Staff Monitored Program. “Zimbabwe is facing deep macroeconomic imbalances, with large fiscal deficits and significant distortions in foreign exchange and other markets, which severely hamper the functioning of the economy. In addition, Zimbabwe is facing the challenge of responding to the adverse effects on agriculture and food security of the el Nino-related drought, as well as the devastation from Cyclone Idai.” He said the Staff Monitored Program, which will be monitored on a quarterly basis, aims to implement a coherent set of policies that can facilitate a return to macroeconomic stability.