Finance minister Mthuli Ncube meets IMF team

Minister of Finance, Economic Development & Investment Promotion, Mthuli Ncube has met the International Monetary Fund (IMF) Mission for the introductory meeting of the in-person mission in Zimbabwe running from 18 – 25 October 2023.

The aim of the meeting is to discuss the Staff Visit objectives and work program.

The Minister gave an overview of the main macroeconomic policy reforms, the upcoming 2024 National Budget as well as Re-engagement and arrears clearance.

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 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.

Zwnews