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IMF still monitoring Zim progress

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DISCUSSIONS on the progress of the International Monetary Fund (IMF), Staff-Monitored Programme (SMP) will continue until next month when the government will give a report, sources have said.

Victoria Mtomba,Business Reporter

According to sources privy to the goings-on, discussions between government and the IMF have continued after the visit of an IMF delegation early this month.
“Progress was noted in some of the things that were set on the SMP, but the review is still on. The dialogue between the IMF and government will continue until December. After the review a publication will be made,” the source said.

The supervised economic reform plan, SMP, is supposed to end next month having run from June.

The SMP is an informal agreement between a country’s authorities and the IMF staff to monitor the implementation of economic programmes. The SMP was adopted this year after the inclusive government decided to re-engage the multilateral institutions.

It is a key component of the Zimbabwe Accelerated Arrears Clearance, Debt and Development Strategy and Zimbabwe Accelerated Re-engagement Economic Programme.

Speaking at the AMH Conversations held recently, World Bank Zimbabwe country manager Nginya Mungai Lenneiye said during the IMF meetings, Finance minister Patrick Chinamasa said the country was in a crisis although it had mineral resources.

Lenneiye said Chinamasa asked the IMF to lend the country money through the private sector that would grow the economy and pay taxes to government.

The country owes multilateral institutions $10,7 billion and it has no capacity to pay the debts.

Zimbabwe through the SMP is expected to ensure that diamond revenue is remitted to Treasury and that the diamonds be sold through a government agent.

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25 COMMENTS

    • Rest, Zim has not failed amidst a background of a myriad of SANCTIONS. While we may still have outstanding funds due to IMF, lets be wary of the SMP. l can pre-empty the findings of their damning report which will be a repeat of the ‘Tubaijukas’. Why has IMF in the past singled out Zim and did not write off its debt unlike her neighbours. Lets be optimistic and we are not doomed.

      • @Chang- Write off debt, so that thieves among us can enjoy their ill gotten gains in peace..? Now there is this new kid on the block called Glbal Witness, they are raising a huge stink in Europe, that while Europeans governments are using tax payer funds to prop up third world thieves who come to Paris and buy the best real estate, drive fancy cars and have numbered accounts their own people are suffering. The honey moon is just about over! Arrest thieves NOW! STOP CORRUPTION YESTERDAY!!!

  1. Zimbabwe,why are we always trapped,fooled and laughed at with IMF.Lets look for other avenues,if you pursue definately you will get the rotten egg you are crying for,open your eyes and brains we are playing ‘Bhora resimbi apa’ changamukai time is running out.

  2. Zim ‘as so much money, its only that our priorities ar not aligned wit our situation. the number of vehicles purchased by gov is a case in point. if we restructure totaly, we could start smal in the right direction. ndatenda.

  3. @changlog11, i am amazed that there are still people like you who believe propaganda tool which the ruling party has used to stay in power while their failures are the cause of our big fail. you still believe in that, when the party itself is started to avoid it where can. it will still use it as long as it sees that it still has people like you it can still ‘cheat’ into believeing that lie. please wake up. support your party, but like some guys in the party start telling your leaders to stop using that as a scapegoat for their failures and ask them to play the game right. zacks magora. i doubt if there are a lot avenues to turn to especially that the world is becoming more of a global village. i hope you have a plan.

  4. The west needs to accept the results of the elections. They have been endorsed internationally and so now it is time to remove these sanctions. Forgive the Zimbabwean debt because it is stifling growth and the hopelessness it creates is a contributor to the corruption in the country. Zimbabwe is not a child, we do not need to be monitored.

    • @Rachel- We can never for one moment call it Zimbabwean debt without interrogating what it was used for..I bet 60% of that debt went into some very deep pockets..so why should the world pay for enrichment of thieving individuals?

  5. @rachel – you are contradicting yourself here – if the elections results had been endorsed internationally then sanctions would have been removed unless you are saying the West is not part of the international community. Part of the international community which matters more to Zimbabwe and is refusing to endorse Zimbabwe’s sham elections is the west which has the power to lift these sanctions.
    ZanuPF military dictatorship should stop stealing elections. Elections are for civilian parties to contest not ZanuPF military vs. civilian parties. This situation has to change for sanctions to be lifted. Stealing elections is corruption. ZanuPF military is bullying the civilians.

  6. Rachel, and you guys are still building ‘army colleges’, flying half way around the would in planes full of idle minds, employing a policeman for EVERY citizen, buying three cars for EVERY member of Parliament, cancelling ZESA debts etc. You must be joking – NO forgiving for reckless spenders! Okay, ZANU-PF ‘won’ elections, so let’s see them run the country without waving a begging bowl at IMF. Makati munogona. Chiitayi zve!

    • Regai zvakadaro, kachamuka kaRachel aka kachiri kuhope. Chinamasa himself has now started to accept that Zimbabwe is in crisis, only fools are still burying their heads in the sand. When you have a president who is not ashamed of taking an entourage abroad to useless meetings to sleep and fart at other presidents, then you know you are in trouble.

  7. We the ordinary folk are not at all interested, and are bored to tears by this constant talk about sanctions. A political party contests elections to make lives of the citizens better than before not to give excuse after excuse about sanctions. The party which gets into power has to sort out the sanctions issue privately, away from the citizens like what Ian Smith did in Rhodesia. He never gave excuses – he got on with the job of governing effectively and efficiently to such an extent we forgot the country was under sanctions. Why tell ordinary citizens about sanctions? – what do you want us to do? Do the job for you? Daft. How sanctions are sorted out is an issue for those who contest elections and are in power not up to the ordinary citizens to sort out. We don’t want to know.

    • @Musona- You raise an important point, “what do you want us to do- do the job for you?” on these so-called sanctions? We elected the government to make our lives better not to tell us stories! If you have failed to get sanctions removed and they are this important then whare are you doing in government? Shouldnt you be somewhere else and leave those who can take this issue head on?

  8. I want to wake up every morning, switch on my lights and electric stove: turn on my tap and get clean water, get into my car take my children to a school with all the textbooks, go to work and be sure to get paid at the end of the month without fail. I don’t want to wait in a long queue to withdraw my money from my bank account only to be told the bank has run out of money. I want to go to an ATM and withdraw money instantly when I need cash. I want to go shopping at my local supermarket whose shelves are full. This is typical what life was like in Rhodesia under sanctions.
    If I don’t get better things than this then those in power have failed and should not be anywhere near the seat of power. I will not settle for anything less.

  9. Where else has the diamond revenue been going? Everyone knows,of course-ZANU PF chiefs pockets and funding their party to successfully rig elections. End of story!

  10. “Lenneiye said Chinamasa asked the IMF to lend the country money through the private sector that would grow the economy and pay taxes to government.” This was a brilliant suggestion by Chinamasa that I always thought was the best way forward for the country.

  11. With the rate of corruption in Zim, even vakakwereteswa mari yacho wat gurantee do we hv that they wont put it in their own pockets.

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