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International Monetary Fund
The HIPC Initiative and MDRI are nearly complete, with 36 countries having already reached the completion point under the HIPC Initiative. Chad, in April 2015, is the latest country to reach the completion point. Debt relief under the Initiative has alleviated debt burdens substantially in recipient countries and has enabled them to increase their poverty-reducing expenditure by over one and a half percentage points of GDP between 2001 and 2014. Creditor participation in the HIPC Initiative has been strong amongst the multilateral and Paris Club creditors; however participation from other creditor groups still needs to be strengthened. The total cost of debt relief to creditors under the HIPC Initiative is currently estimated to be US$74.8 billion, while the costs to the four multilateral creditors providing relief under the MDRI is estimated at US$41.6 billion in end-2014 present value terms.
International Monetary Fund

authorities presented an arrears clearance strategy to creditors outside the HIPC framework during a meeting in Lima in October 2015. This strategy aims to clear Zimbabwe’s arrears to multilateral institutions by using both its own resources and external borrowing. Following clearance of the IFI arrears, the strategy envisages rescheduling of the Paris Club debt in the context of a regular IMF ECF program. The third review of the recently expired SMP with the IMF covering the period from October 2014 to December 2015 is expected to be completed in June 2016 (the first and

International Monetary Fund. African Dept.

economic policies, continue garnering support for treatment under the Paris Club, avoid selective debt servicing, and minimize non-concessional borrowing. Figure 3. Zimbabwe: Indicators of Public and Publicly Guaranteed External Debt After IFIsArrears Clearance under Alternatives Scenarios, 2016–2036 1/ Sources: Country authorities; and staff estimates and projections. 1/ The most extreme stress test is the test that yields the highest ratio on or before 2026. In figure b. it corresponds to a Combination shock; in c. to a Exports shock; in d. to a

International Monetary Fund. African Dept.
This paper discusses recent developments, outlook, and risks related to the economy of Zimbabwe. Zimbabwe’s economic difficulties have deepened. GDP growth slowed significantly to 1.1 percent in 2015, mainly because of the impact of adverse weather conditions on agricultural output, and power generation. The current account balance improved in 2015, because of lower prices for oil imports, subdued economic activity, and fiscal consolidation efforts. Fiscal performance in 2015 was better than programmed, despite the adverse macroeconomic environment. Despite spending pressures to mitigate the impact of the drought, the authorities remain committed to fiscal discipline; they target a primary cash deficit of 0.2 percent of GDP for 2016.
International Monetary Fund. Middle East and Central Asia Dept.

secure the necessary financing assurances from international partners for HIPC relief and IFI arrears clearance. 55. Risks ahead are on the downside . Key among them are political risks associated with the elections and political developments, particularly given advancing critical reforms will require constructive cooperation between the FGS and the FMS. While this may be challenging, the risk of inaction could undermine Somalia’s cohesion and stability. In addition, slow progress by the international community on mobilizing the necessary financial resources

International Monetary Fund. Middle East and Central Asia Dept.
This paper discusses Somalia’s 2019 Article IV Consultation, Second Review Under the Staff-Monitored Program (SMP), and Request for New SMP. Program implementation of SMP III has been strong, with all but one structural benchmark and all indicative targets met. The authorities have requested a new 15-month SMP to cement reforms and support reaching the Heavily Indebted Poor Country decision point as soon as the necessary conditions are met. The new national development plan will outline the authorities’ priorities with respect to poverty reduction and inclusive growth. The consultation focused on policies to support higher and more inclusive growth, strengthen the medium-term fiscal framework, deepen the financial sector, increase economic resilience, and improve governance and the business environment. Discussions highlighted the need to implement a durable fiscal federal framework, establish a robust framework for effective natural resource management, and develop the medium-term fiscal framework. However, security and political risks, and climate shocks remain the main sources of risk.