Zimbabwe: Third Review Under the Staff-Monitored Program and Successor Staff-Monitored Program-Staff Report ; and Press Release

Zimbabwe: Third Review Under the Staff-Monitored Program and Successor Staff-Monitored Program-Staff Report ; and Press Release

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This paper discusses Zimbabwea€™s Third Review Under the Staff-Monitored Program (SMP) and the successor SMP. Zimbabwe has succeeded in keeping macroeconomic conditions relatively stable, despite difficult political and economic circumstances. In particular, the precarious external position improved somewhat, with higher international reserves and a projected lower current account deficit in 2014. The SMP will cover a 15-month period, October 2014 through December 2015, and will be monitored based on quantitative targets and structural benchmarks. The IMF staff welcomes the authoritiesa€™ intention to continue to seek financing through grants or loans that are as concessional as possible, and to limit contracting nonconcessional loans within the ceilings set under the program.years and revenuecollections under-performed in thefirsthalf of2014 (Text Table 1). ... The authorities are committed to reducing the public sector wage bill relative to revenues and expenditures in the medium term, while ... Inaddition, they will maintain the ongoing hiringfreeze, whileallowing some limited flexibility in filling critical vacancies. Furthermore, the Civil Service Commission (CSC) is currently undertakinga restructuring exercise aimed at aligning ministriesa#39; staffing with theiranbsp;...


Title:Zimbabwe: Third Review Under the Staff-Monitored Program and Successor Staff-Monitored Program-Staff Report ; and Press Release
Author: International Monetary Fund. African Dept.
Publisher:International Monetary Fund - 2014-11-21
ISBN-13:

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