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International Monetary Fund. African Dept.

2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Zimbabwe

International Monetary Fund. Finance Dept.

On October 20, 2016, Zimbabwe fully settled its overdue financial obligations to the Poverty Reduction and Growth Trust (PRGT) using its SDR holdings.1 Zimbabwe had been in continuous arrears to the PRGT since February 2001. The authorities had been making regular monthly payments of US$0.15 million each since 2013, and four more such payments have been made since the last review of overdue financial obligations on May 2, 2016.2 As of the day of repayment, Zimbabwe's arrears to the PRGT amounted to SDR 78.3 million, which comprised overdue PRGT principal of SDR 61.7 million, and total interest obligations of SDR 16.6 million, (covering overdue interest and interest accrued through October 20, 2016 on overdue principal and interest amounts). The repayment of SDR 78.3 million has been applied towards the PRGT's Reserve Account.