IMF to visit Zimbabwe

The International Monetary Fund (IMF) is to send a mission to Zimbabwe this month for a review of the country’s progress in implementing its Staff Monitored Programme (SMP), sources said this week. The Financial Gazette’s Companies & Markets could not immediately establish the dates of the visit.

An SMP is an informal agreement between country authorities and Fund staff to monitor the implementation of the authorities’ economic programme. SMPs do not entail financial assistance or endorsement by the IMF executive board.

Zimbabwe signed its first IMF agreement in more than a decade in June 2013 during an inclusive government consisting of three political parties, the two MDC formations and ZANU-PF. It was spearheaded by former finance minister Tendai Biti.

However, after dissolution of the inclusive government, the new Finance Minister Patrick Chinamasa requested a six-month extension of SMP to enable government to strengthen its policies and deliver on outstanding commitments under the programme.— Business Reporter