Zim mending relations with IMF: Chinamasa

ZIMBABWE has set a good record through the completion of the International Monetary Fund (IMF) supervised economic reform plan which is a preparatory work for better programmes.


Zimbabwe has been under the IMF Staff Monitored Programme since 2014. A final review of the SMP recently showed that the country had met the benchmarks set.

Speaking at the IMF breakfast meeting yesterday the Finance minister Patrick Chinamasa said the country has been working on reforms to improve itself. He said the relationship between government and the IMF had not been good because of the arrears and the debt issue.

“We now have a good record. We are not there yet, we are only there to discuss a new financial programme,” he said. Chinamasa said when a customer to a bank fails to service the debt, the bank would want to know if one has the capacity to repay for the new loan.

He said everyone needed to reform, but it is not a one-day wonder, but a process.

“We have to enter into skirmishes and they are at policy level and you will have to fight battles and in implementation changing people’s habits is not easy,” he said.

Chinamasa said the government is now working on a draft country financing programme although it has not yet been taken to Cabinet.

“We are working on a Draft Country Financing Programme and it has not yet been taken to Cabinet. It will turn the economic fortunes of our country,” he said.

The programme will focus on agriculture and mining as the main sectors of the economy.

The head of IMF delegation Domenico Fanizza said the country cannot wait any longer as it had the best human capital than the rest of the world and it is difficult to understand how in the past 15 years it has not been performing well.

Fanizza said the country has completed preparatory work and now the ball is now in Zimbabwe’s court.

“Zimbabwe has capacity to get to the finishing line,” he said.

The IMF team came to Zimbabwe for two weeks for Article IV and the review of the SMP.

Speaking on the sidelines of the IMF breakfast meeting yesterday, Central Bank governor John Mangudya, said the International Finance Corporation team is in the country to assess how they can assist the country.

15 Responses to Zim mending relations with IMF: Chinamasa

  1. Gulalikabili March 11, 2016 at 8:51 am #

    Thanks Newsday for giving encouraging and positive news for our country. At least it shows that you are sometimes objective.

    • aikazveeee March 11, 2016 at 11:19 am #

      i have always liked the way Newsday reports. they are improving daily to make sure they give a balanced account of events. Thanks Mr Editor you never know how many dampened spirits you rejuvenate with your articles.

  2. moyo March 11, 2016 at 9:54 am #

    Nothing will come out of this IMF business.,The IMF is there to further western interests.They are not lovers of Africans, so what’s in it for them??Read about ESAP for those with short memories.
    Let us put together,fund and work our own programmes if we want to succeed.
    What we need at the moment is not money but wisdom,discipline & hard work.
    Imagine how Zimbabwe would have developed if we had properly used the US15billion from diamonds!!!

    • Nonpareil March 11, 2016 at 5:53 pm #

      If this were a few months ago I would have violently rebuked against this..but I have since learned of the dangers of capitalism. Indeed, the IMF and other international monetary institutions are nothing but Western vehicles used for driving “third-world” countries into debt and thus making them obliged to do as the Westerns say. It is unfortunate that through bad political decisions we have found ourselves in this position were we are left with no other option but to yield.

      • Basa March 13, 2016 at 11:46 am #

        But if you don’t want debt why go into it. If you borrow then pay back easy and simple.
        There is no free lunch in this world my friend.
        Problem is we borrow just to pacify the elecorate by giving them goodies forgetting about tomorrow.
        In developed worlds budget is core of the politics. They are now looking 50 years ahead. Yet we are still talking matakadya kare. Kkkkkkkkk

      • Thefuture March 14, 2016 at 7:35 am #

        Wrong, the “bad political decisions” have driven us into debt. Until corruption and mismanagement is replaced by intelligent and transparent governance – we will continue to “be indebt”.

  3. Another Chance March 11, 2016 at 12:44 pm #

    It is most unlikely that after a divorce of more than 16 years a reunion in marriage will work. It is unthinkable that the Zimbabwe authorities would implement the necessary reforms for such a programme to work. Such programmes require political will and commitment to work. Zimbabwe has another chance to prove its sincerity when it comes to working with IFIs. Gooduck!

  4. kuhestagac March 11, 2016 at 1:11 pm #

    ,S­­t­­a­­r­­t w­­­­­­­­­0­­­­­­­­rk­­­­­­­in­­­­­­­g a­­­­­­­t­­­­­­­­ h0­­­­­­­­m­­­­­­­­­­e w­­­­­­­­it­­­­­­­­­h G­­­­­­­­­­00­­­­­­­­­­gl­­­­­­e! It­­­­­­’s by-­­­­­­far­­­­­­ the­­­­­­­ best­­­­­­­ j­­­­­­­0­b­­­­­­ I’­v­­­­­­­e ha­­­­­­­d­­­­­­­. ­­­­­­Last­­­­­­­ Thurs­­­­­­­d­ay­­­­­­­ I­­­­­­­ g­­0­­­­­­­t ­a ­­­­­­­bra­n­­­­­­d­­­­ n­­­­­­­ew BM­­­­­­­W ­­­­­­­since­­­­­­­ g­­e­­t­­ti­­­­­­ng­­­­­­ a­­­­­­ che­­­­­­ck­­­­­ f0r­­­­­­ ­­­­­­$­­­­­8­­­­­­786­­­­­­ thi­­­­­­s­­­­­­ – ­­­­­­6­­­­­­ wee­­­­­ks p­­­­­­ast­­­­­­. I­­­­­­ began­­­­­­ this­­­­­­ 6-m0nths­­­­­­ ag0­­­­­­ and­­­­­­ immediately­­­­­­ was­­­­­ ­bringing­­­­­­ h0me­­­­­­­ at­­­­­­ least­­­­­­ ­­­­­­$­­­­­­8­­­­­­1­­­­­­ pe­­­­­­r h0­­­­­­ur­­­­­­. I­­­­­­ w­0­rk­­­­­­ thr­­ough­­­­­­ th­is­­­­­ ­­ li­nk­­­­­­­­, g­­­­­­­­0.t­­­­­­­0 ­­tech­­­­­­­­ tab­­­­­­­ f0r­­­­­­­­­ w0rk­­­­­­­­ detail…­­………..

    —-> w­w­w.A­l­p­h­a-C­a­r­e­e­r­s.c­o­m

  5. Sabhuku March 11, 2016 at 5:23 pm #

    It all starts at the primary level Honourable CDE Minister, we as a nation need to focus on the means of production if our economy is to stand any chance of competing and succeeding in this global economic village. Only then when we have greatly enhanced our supply side economics as a nation, will industry have local raw materials readily available to process and value add(beneficiation). Only if the fore-mentioned occurs, can Zimbabwe then re-establish a dynamic tertiary industry providing locally manufactured reputable goods and services domestically and internationally. Out of all this will spring out an new economy, one which will be properly valued and respected by international finance lenders; it will be characterised by high quality goods and services offered at competitive pricing to spur sustainable growth into posterity.

  6. Socrates March 11, 2016 at 6:07 pm #


  7. Aristocrat March 11, 2016 at 6:18 pm #


  8. Ian Smith March 11, 2016 at 10:09 pm #

    Any succesfull country owes a lot to IMF. but its just that they are very discplined transparent and honest.. Zanu Pf is totaly the opposite,, they demonise the IMF and feed us with false and negative information about IMF.Zanu Pf yakadya mazimari akawanda ayakapiwha ne IMF,, when it was time up to pay they failed to pay back.
    Zvakafanana newe une shamwari yako inodhakwa sitereki weekend. monday morning ouya achitsvaga mari yebhazi neyechikafu chemhuri yake. So when you lend him money, its always proper to give him conditions when you decide to lend him.

    • Basa March 13, 2016 at 11:49 am #

      Yaaaa true. Its like I kill my parents in cold blood. Day after I cry to the world kuti hamundioni wo here I am an orphan. Kkkkkkkkk

  9. Financial Analyst March 12, 2016 at 8:30 am #

    If the IMF/Zimbabwe financial Programme did not work out well more than 10 years ago what is it that Zimbabwe will do differently this time around. IMF conditions for lending are stringent and austere. Can Zimbabwe with the same political leadership implement austerity reforms we wonder? Does the same Zimbabwe leadership have the capacity to change and keep its promises? Time will tell!

  10. Realist March 12, 2016 at 12:00 pm #

    The definition of madness is doing the same thing over and over expecting different results. Zimbabwe’s ESAP1 did not yield the desired results mainly coz the desired reforms were not fully implemented. What guarantee is there that this time around the same Govt will fully implement ESAP2 and the required reforms? Not convinced this can be done!

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