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Business and Economics > Public Finance

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Cover Policy Papers
FY2023—Output Cost Estimates and Budget Outturn
International Monetary Fund. Office of Budget and Planning
The paper presents highlights from the FY 2023 budget, followed by a discussion of outputs based on the Fund Thematic Categories and of inputs.
Keywords:
output cost estimate; administrative budget; budget augmentation; inflation; geopolitical fragmentation; transparency policy; staff growth; CD spending; staff FTE; phased budget augmentation; Budget planning and preparation; Capital spending; Climate change; Total expenditures; Global
Cover IMF Staff Country Reports
Zimbabwe: Technical Assistance Report—Financial Soundness Indicators Statistics Mission
International Monetary Fund. Statistics Dept.
This Technical Assistance report on Zimbabwe presents summary and recommendations of financial soundness indicators (FSI) statistics mission. The mission worked with RBZ staff to complete the new FSI metadata (FSM) and institutional coverage (FSIC) templates for Zimbabwe, which will provide additional information to the data users to support macroprudential analysis. The mission confirmed availability of quarterly data for compiling FSIs for insurance companies and pension funds. The mission noted that the Reserve Bank of Zimbabwe (RBZ) staff responsible for compiling FSIs have sufficient technical capacity to compile FSIs but requires further training to support implementation of the 2019 FSIs Guide. The RBZ should report the data using the new Financial Soundness Indicators: Standard Reports forms as well as the metadata and institutional coverage using FSM, and FSIC respectively, by end September 2023. RBZ will update the remaining periods on source data as agreed during the mission. This involves updating the income statements, balance sheet data and supervisory and memorandum series for the remaining periods using the bridge table developed during the mission. In order to support progress in the compilation of FSIs in line with the 2019 FSIs Guide and the dissemination of the data, the mission has prepared a detailed action plan.
Keywords:
Financial Soundness Indicators (FSIs); IMF’s 2019 FSIs Compilation Guide; Technical assistance (TA); FSI data Review; staff team of the International Monetary Fund; FSI data migration; residency concept; RBZ management; RBZ staff; RBZ regulation; Financial soundness indicators; Financial statements; Income; Pension spending; Loans
Cover IMF Staff Country Reports
Zimbabwe: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Zimbabwe
International Monetary Fund. African Dept.
Zimbabwe experienced severe exogenous shocks (cyclone Idai, protracted drought, and the COVID-19 pandemic) during 2019-20, which along with policy missteps in 2019, led to a deep recession and high inflation. Real GDP contracted cumulatively by 11.7 percent during 2019-20 and inflation reached 837 percent (y/y) by July 2020. Reflecting good rainfall and relaxation of containment measures, real GDP rose by 6.3 percent in 2021. A tighter policy stance since mid-2020 (relative to 2019) has contributed to reducing inflation to 60.7 percent (y/y) at end-2021. However, high double-digit inflation and wide parallel foreign exchange (FX) market premia persist. The economic downturn and high inflation increased the financial system vulnerabilities. Extreme poverty has risen and about a third of the population is at risk of food insecurity. The international community seeks improvements in domestic political conditions and economic policies to initiate reengagement with Zimbabwe. The authorities have started token payments to external creditors in a bid to revive international reengagement.
Keywords:
Zimbabwean authorities; anti-corruption strategy; anchor inflation expectation; reintroduced Zimbabwe dollar; determined reform effort; IMF governance diagnostic; overarching policy priority; Exchange rates; Arrears; Global; Sub-Saharan Africa; Africa; Southern Africa
Cover IMF Staff Country Reports
Zimbabwe: Technical Assistance Report-Undertaking Supervisory Examinations Remotely Due to COVID-19 Operational Restrictions
International Monetary Fund. Monetary and Capital Markets Department
The RBZ is in the process of recommencing on-site examinations, but due to COVID-19 operational restrictions, these will need to be undertaken remotely. The RBZ has developed a draft remote examination framework document to guide this work and requested AFS assistance to review the framework, and also provide information on how other supervisors are undertaking examinations remotely. The mission provided training on international practice of remote examinations, which was presented by supervisors from the Bank of Ghana (BOG), Bank of Thailand (BOT) and the De Nederlandsche Bank (DNB) and reviewed the draft remote examination framework document. The training covered adjustments to examination framework and operational issues and key points of consideration when undertaking examinations remotely. The mission also reviewed the RBZ consolidated examination manual, to provide feedback to the RBZ on the feasibility of undertaking supervisory examinations remotely, as described in the manual and provide points for consideration for undertaking such examination remotely.
Keywords:
examination manual; IMF's Monetary; modality examination; World Bank staff; examination team; request of the Reserve Bank of Zimbabwe; Bank supervision; Internal controls; Southern Africa
Cover IMF Staff Country Reports
Zimbabwe: Technical Assistance Report-Government Finance Statistics
International Monetary Fund. Statistics Dept.
As part of a five-year project of the Enhanced Data Dissemination Initiative (EDDI) 2 Government Finance Statistics (GFS) Module on improving GFS and public-sector debt statistics in selected African countries, a mission was conducted in Harare, Zimbabwe during April 15–26, 2019. This mission was a follow up on a 2018 GFS technical assistance (TA) mission under the EDDI 2. The mission’s objective was to review progress made and assisting with outstanding statistical issues that are important for sound policymaking in Zimbabwe. Some of the key outstanding issues raised by the IMF African Department prior to the mission were, the classification of government subsidies to state owned enterprises (SOEs); the identification of extrabudgetary units (EBUs) and classification of their operations; and the correct classification of other government transactions in line with a Government Finance Statistics Manual (GFSM) 2014 framework.
Keywords:
ISCR; CR; government; outturn data; government balance sheet; ministry; consideration government subsidy; authorities in the MoFED; government pension liability; Government finance statistics; Pensions; Financial statements; Pension spending; Public sector
Cover IMF Staff Country Reports
Zimbabwe: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Zimbabwe
International Monetary Fund. African Dept.
This 2019 Article IV Consultation focuses on Zimbabwe’s near- and medium-term challenges and policy priorities and was prepared before COVID-19 became a global pandemic that has resulted in unprecedented strains in global trade, commodity, and financial markets. It, therefore, does not reflect the implications of these developments and related policy priorities. The outbreak has greatly amplified uncertainty and downside risks around the outlook. The IMF staff is closely monitoring the situation and will continue to work on assessing its impact and the related policy response in Zimbabwe and globally. With another poor harvest expected, growth in 2020 is projected at near zero, following a sharp contraction in 2019, with food shortages continuing. With no progress on clearing longstanding external arrears, the authorities face a difficult balance of pursuing tight monetary, to reduce very high inflation, and fiscal policies to address the macroeconomic imbalances and build confidence in the currency, while averting a crisis. Pressures are mounting to increase spending on wages and for social protection to mitigate the impact of the weather shocks and high inflation. While the 2020 budget includes a significant increase in social spending, it is likely insufficient to meet the pressing needs.
Keywords:
ISCR; CR; Zimbabwe; government; debt; Zimbabwean authorities; currency; Zimbabwe dollar; Zimbabwean government; review government's shareholding; climate shock; Monetary base; Currencies; Agricultural sector; Sub-Saharan Africa; Africa; Global
Cover IMF Staff Country Reports
Zimbabwe: Staff-Monitored Program-Press Release and Staff Report
International Monetary Fund. African Dept.
This paper discusses the Staff-Monitored Program (SMP) for Zimbabwe and highlights that the new government that assumed office following the July 2018 elections is committed to addressing the macroeconomic imbalances, removing structural distortions to facilitate a resumption in growth, and to re-engaging with the international community including by clearing its external arrears. The SMP will be monitored on a quarterly basis and is intended to assist the authorities in building a track record of implementation of a coherent set of economic and social policies that can facilitate a return to macroeconomic stability and assist in reengagement with the international community. With limited access to external financing and the very low level of international reserves, the authorities’ room for manoeuvre is very narrow. There are also significant implementation risks of the monetary and exchange rate reforms, as well as addressing governance and corruption weaknesses, which could adversely impact the attainment of SMP objectives.
Keywords:
ISCR; CR; Zimbabwean authorities; nominal GDP; government securities; foreign exchange; private sector; reform agenda; managing director of the IMF; international community; macroeconomic imbalance; Government debt management; Currencies; Inflation; Budget planning and preparation; Africa; risks to the SMP; IMF resident representative
Cover IMF Staff Country Reports
Zimbabwe: Technical Assistance Report-Report on Government Finance Statistics Technical Assistance Mission
International Monetary Fund. Statistics Dept.
This Technical Assistance Report discusses that the authorities are making some progress towards higher quality and more comprehensive Government Finance Statistics, however, sufficient information for meaningful monitoring and surveillance of the public sector in Zimbabwe should be considered a long-term goal with several remaining challenges. The government of Zimbabwe has recently embarked upon an ambitious reform program for public sector corporations, which is expected to lead to a dramatic reduction in government balance sheet risk via contingent liabilities and the direct fiscal impact arising from the high likelihood of those guarantees being called. The report also highlights that the Accountant General office should have the ability to set a standardized format and the required information for general government financial statements which are to be reported for all subsectors and ministries. The mission recommends that the authorities review compliance with Republic of Zimbabwe Public Finance Management Act of 2009 across general government subsectors, including, all local government units, Extrabudgetary Units funds and social security funds.
Keywords:
ISCR; CR; government; Zimbabwe; general government; public corporation; Zimbabwean government; government of Zimbabwe; SAP system; Business enterprises; Financial statements; Public sector; Chart of accounts; Government debt management
Cover Regional Economic Outlook, October 2018, Sub-Saharan Africa
Regional Economic Outlook, October 2018, Sub-Saharan Africa
Capital Flows and The Future of Work
International Monetary Fund. African Dept.

Abstract

The macroeconomic outlook for sub-Saharan Africa continues to strengthen. Growth is expected to increase from 2.7 percent in 2017 to 3.1 percent in 2018, reflecting domestic policy adjustments and a supportive external environment, including continued steady growth in the global economy, higher commodity prices, and accommodative external financing conditions. Inflation is abating; and fiscal imbalances are being contained in many countries. Over the medium term, and on current policies, growth is expected to accelerate to about 4 percent, too low to create the number of jobs needed to absorb anticipated new entrants into labor markets.

Keywords:
REO; Sub-Saharan Africa; exchange rate; country; Zimbabwe dollar; country group composite; low-income country; countries in fragile situation; country abbreviation; Emerging and frontier financial markets; Capital flows; Foreign direct investment; Africa; Global; West Africa; Southern Africa; productivity gain; sub-Saharan Africa sovereign; sub-Saharan Africa's export; flows to sub-Saharan Africa; asset flow; advanced economy; sub-Saharan Africa country; sub-Saharan Africa's convergence; IMF staff calculation; Caribbean; Middle East
Cover Policy Papers
Review of the Fund's Strategy on Overdue Financial Obligations
International Monetary Fund. Strategy, Policy, &amp
,
Review Department
,
International Monetary Fund. Finance Dept.
, and
International Monetary Fund. Legal Dept.
This paper reviews progress under the Fund’s strengthened cooperative strategy on overdue financial obligations. The level of overdue obligations to the Fund declined and their structure has remained broadly unchanged since the last review. Total overdue obligations to the Fund at end-June 2017 amounted to SDR 1,205.7 million, a decline of about SDR 100 million from the end-June 2012 level, when the strategy was reviewed last. All overdue obligations to the Fund at end-June 2017 were due to two protracted overdue obligations cases. Sudan accounts for the bulk of the overdue obligations to the Fund (80 percent), and Somalia for the remainder. Zimbabwe, which was in protracted overdue obligations to the PRGT at the time of the last Review, settled its overdue obligations to the PRGT on October 20, 2016.
Keywords:
PP; The Fund; payment; Sudan; Somalia; charge; financing capacity; holdings of a member's currency; SDR exchange rate; currency valuation adjustments--CVA; valuation adjustments--CVA; Fund's General; obligations to the Fund; Currencies; Government asset and liability management; Extra-budgetary funds; Global