A delegation from the International Monetary Fund (IMF) is currently in Zimbabwe for a series of meetings with the government and private sector.
The delegation from the Bretton Woods Institution has been in the country since the beginning of the month for the 2023 Article IV consultations, Zimbabwe Mail reports.
The IMF visit comes at a time when sky-high inflation, currency distortions and a liquidity crunch characterise Zimbabwe’s fragile economy.
“The International Monetary Fund is undertaking the 2023 Article IV consultation with Zimbabwe from December 1-15, 2022,” according to IMF representative to Zimbabwe Carlos Caceres. “The Article IV consultation will allow IMF staff to hold discussions with the government, private sector, development partners, and civil society. Discussions will centre on recent economic developments, including the outlook and risks, and macroeconomic policies.”
The IMF delegation visit follows on from the last one in September, where it was found that Zimbabwe’s economic recovery depends on feasible policies.
“Uncertainty remains high. However, the outlook will depend on the evolution of external shocks, the policy stance and implementation of inclusive growth-friendly policies,” said an IMF team statement during the September visit.
In addition, the IMF recognised the need to accelerate structural reforms to bolster economic stability.
“In line with recommendations from the 2022 Article IV consultation, the near-term macroeconomic imperative is to curb inflationary pressures by further tightening monetary policy, as needed, and allowing greater exchange rate flexibility through a more transparent and market-driven price discovery process, tackling (forex) market distortions and eliminating exchange restriction.
“The RBZ (Reserve Bank of Zimbabwe)’s quasi-fiscal operations should be transferred to the budget to enhance transparency, improve the conduct of monetary and exchange rate policy and enhance central bank independence,” the IMF said.
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