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Africa > Zimbabwe

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Cover IMF Staff Country Reports
Zimbabwe: Technical Assistance Report-National Accounts Mission
International Monetary Fund. Statistics Dept.
A technical assistance mission was conducted during October 2023 by the IMF’s Regional Technical Assistance Center for Southern Africa (AFS), to support the Zimbabwe National Statistics Agency (ZIMSTAT) in the production of national accounts statistics for macroeconomic policy making. The mission reviewed the recently produced estimates of annual gross domestic product (GDP) by the production approach for the year 2022. ZIMSTAT had made considerable progress in cleaning the value added tax (VAT) turnover data. Methodological improvements had been introduced to the estimates. The mission discussed plans for the rebasing of GDP. The mission also reviewed the new quarterly estimates covering the period 2019 quarter 1 to 2023 quarter 2.
Keywords:
Gross domestic product (GDP); value added tax (VAT); VAT turnover data; annual GDP estimates; rebasing; quarterly GDP estimates.; staff team of the International Monetary Fund; prices statistics ZIMSTAT; Zimbabwe revenue authority; turnover data; ZIMSTAT team; Data collection; Value-added tax; Deflation; Producer price indexes
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.
The mission assisted the staff of the Reserve Bank of Zimbabwe (RBZ) to compile financial soundness indicators (FSIs) in line with the IMF’s 2019 FSIs Compilation Guide, and introduced a framework for incorporating new FSIs for insurance corporations.
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: Technical Assistance Report—FSSR Follow up Technical Assistance—Implementation of the Basel II/III Capital Framework
International Monetary Fund. Monetary and Capital Markets Department
As a follow-up to the 2019 FSSR, a remote TA mission supported the RBZ on updating regulations to the Basel III capital framework. The mission reviewed Zimbabwe’s capital framework (laws, guidelines, and templates of prudential returns), identified areas to update capital requirements, discussed these areas with the management of the RBZ, and provided recommendations for drafting amendments in line with the Basel II/III framework approaches assessed as the most suitable to the Zimbabwean financial market characteristics.
Keywords:
capital requirement; RBZ regulation; III framework; capital framework; III framework approach; conservation buffer; Basel III; Basel II; Credit risk; Market risk; Operational risk
Cover High-Level Summary Technical Assistance Reports
Zimbabwe: FSSR Follow Up Technical Assistance—Implementation of the Basel II/III Capital Framework
Paula Cristina Seixas de Oliveira and João Luis Resende
The Financial Sector Stability Review (FSSR), which was conducted in November 2018, identified areas requiring improvement and technical assistance in Zimbabwe’s regulatory and supervisory frameworks, including the need to strengthen the capital framework for the banking sector. With the support of the IMF, the Reserve Bank of Zimbabwe (RBZ) is planning to implement Basel III capital standards, considering Zimbabwe’s specific circumstances and applying proportionality. The mission reviewed Zimbabwe’s capital framework, which includes laws and regulations, identified areas for updating capital requirements, and discussed them with the RBZ management. The mission also made recommendations for drafting amendments that align primarily with the Basel III capital framework, particularly focusing on standardized approaches.
Keywords:
Zimbabwe; banking regulation; capital requirements; Basel Framework; central banks
Cover IMF Staff Country Reports
Zimbabwe: Technical Assistance Report—Financial Sector Stability Review Consolidated Supervision
International Monetary Fund. Monetary and Capital Markets Department
At the request of the Reserve Bank of Zimbabwe (RBZ), the Monetary and Capital Markets (MCM) Department conducted a virtual mission from May 3 to June 10, 2022 to assist the RBZ on strengthening consolidated supervision framework. The main focus was to support the RBZ in updating the RBZ consolidated supervision framework, enhancing prudential reporting on a consolidated basis, strengthening the assessment of banking group’s risks, and intensifying cross-border and interagency cooperation.
Keywords:
RBZ Banking Supervision Division; framework in Zimbabwe; consolidated supervision; IMF's Monetary; request of the Reserve Bank of Zimbabwe; Consolidated banking supervision; Risk-based supervision; Capital adequacy requirements; Bank supervision; Commercial banks; Africa
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-Basel III Implementation
International Monetary Fund. Monetary and Capital Markets Department
As a follow-up to the 2019 FSSR, a remote TA mission supported the RBZ with the implementation of Basel III liquidity standards. The mission reviewed the RBZ drafts of the LCR and NSFR frameworks, discussed identified material gaps with the BSD management and relevant supervisors, and provided many recommendations on enhancing the drafts of liquidity regulations, monitoring tools, reporting templates, and disclosure. Further actions for implementing Basel III liquidity standards were agreed with the RBZ.
Keywords:
banking sector indicator; liquidity standard; staff team of the International Monetary Fund; authoring department; RBZ draft; Liquidity requirements; Liquidity; Liquidity risk; Basel III; Commercial banks
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 Departmental Papers
Monetary Finance: Do Not Touch, or Handle with Care?
Mr. Itai Agur, Mr. Damien Capelle, Mr. Giovanni Dell'Ariccia, and Mr. Damiano Sandri
This paper reviews the theoretical arguments in favor and against MF and presents an empirical assessment of the risks that it may pose for inflation.
Keywords:
Monetary finance; fiscal and monetary coordination; liquidity trap; inflation expectation; UMP announcement; hard-won central bank credibility; support well; UMP program; Inflation; Monetary base; Unconventional monetary policies; Sovereign bonds; Global