Zimbabwe's SMP Seeks To Address Deep Macroeconomic Imbalances & Remove Distortions - IMF

The International Monetary Fund has said that the government’s Staff Monitored Programme (SMP) is aimed at addressing deep-rooted macroeconomic imbalances and also to remove distortions. This was revealed by IMF Zimbabwe representative, Patrick Imam, in an interview with the Herald Business. The government started implementing the SMP in May this year. The programme is expected to run until March 2020. Below are the excerpts from the interview.

HB: How has the relationship between the Zimbabwean authorities and the IMF evolved since last year’s election? What are the next steps?

P Imam: The relationship between us is very good. We hold regular meetings and discussions. In fact, as you know, since May, the Government of Zimbabwe started implementing the Staff Monitored Program which runs through March 2020.

The SMP is anchored on the Transitional Stabilization Plan which foresees that the authorities seek to address deep macroeconomic imbalances and remove distortions. This entails a substantial fiscal adjustment and financial and monetary sector stabilization.

The SMP is also intended to assist in resolving the longstanding arrears to external creditors and facilitate Zimbabwe’s re-engagement with the international community. On the next steps, the first review of the SMP is scheduled for September, and this will be combined with the annual Article IV consultations.

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