According to Finance Minister Mthuli Ncube, Zimbabwe is expected to sign an International Monetary Fund (IMF) staff-monitored program in October 2024. This announcement was made during the African Development Bank’s annual meetings in Nairobi, Kenya, on June 5, 2024. This will be Zimbabwe’s first IMF program in five years, following the discontinuation of the previous program in 2020 due to the government’s failure to implement agreed-upon policies.
Minister Mthuli Ncube emphasized that an IMF staff-monitored program is crucial for Zimbabwe as the country aims to secure a deal with its creditors to clear $19.2 billion in arrears. Since defaulting on its debts in 1999, Zimbabwe has been excluded from international capital markets, with creditors including the World Bank, Paris Club, European Investment Bank, and the African Development Bank.
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Book NowAn IMF mission will visit Zimbabwe from June 18 to June 27 for consultations, with negotiations for the staff-monitored program expected to conclude in October 2024.
Last month, Zimbabwe switched to a new currency, a move the IMF described as significant. The staff-monitored program will also address areas related to this currency change. The new currency has shown stability and positively impacted inflation. Data from the Zimbabwe National Statistics Agency on June 5, 2024, showed that monthly inflation, measured for the first time in the new ZiG currency, fell to 2.4% in May.
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