IMF Executive Board Removes Remedial Measures Applied to Zimbabwe (15.11.2016)

Zim Money Billion

This follows Zimbabwe’s full settlement of all of its overdue financial obligations to the PRGT of SDR 78.3 million (about US$107.9 million) on October 20, 2016.

WASHINGTON D.C., United States of America, November 15, 2016 – The Executive Board of the International Monetary Fund (IMF) approved today, on a lapse of time basis,[1] the removal of the remedial measures applied to Zimbabwe that had been in place because of the member’s overdue financial obligations to the Poverty Reduction and Growth Trust (PRGT), effective November 14, 2016. These measures are: (i) declaration of noncooperation with the IMF (see Press Release No. 02/28); (ii) the suspension of technical assistance (which had already been partially lifted, see Press release No. 09/152 and Press Release No. 12/405); and (iii) the removal of Zimbabwe from the list of PRGT-eligible countries (see Press Release No. 01/40).

This follows Zimbabwe’s full settlement of all of its overdue financial obligations to the PRGT of SDR 78.3 million (about US$107.9 million) on October 20, 2016 (see Statement by IMF on Zimbabwe). Zimbabwe had been in continuous arrears to the PRGT since February 2001 and was the only case of protracted arrears to the PRGT. Zimbabwe is now current on all of its financial obligations to the IMF.

Notwithstanding the settlement of overdue financial obligations to the PRGT and the removal of remedial measures, consideration of any future request for IMF financing would also require Zimbabwe to comply with other applicable IMF policies, including to: (i) resolve its arrears to multilateral creditors (including the African Development Bank (AfDB), the World Bank, and other multilateral institutions), bilateral official creditors, and external private creditors (if any); and (ii) implement strong fiscal adjustment and structural reforms to restore fiscal and debt sustainability and foster private sector development.

Useful link:

Key Questions on Zimbabwe

[1]The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.

Zimbabwe: Hon. Jonathan Moyo Vs. the State (04.11.2016)

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Zimbabwe: Partial Closure of the Hospital of the Binga District Hospital (03.11.2016)

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Zimbabwe: The Reserve Bank will with Immediate Effect start Process towards Issuance of Bond Notes as a legal tender (01.11.2016)

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Zimbabwe: Letter – “Re: Request to use the Police Band for our Demonstration against Police Brutality (24.10.2016)

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Chama Cha Mapinduzi on Zimbabwe (Youtube-Clip)

Zimbabwe: ‘Re: Cancellation of Elective Surgiccal Operations’ at United Bulawayo Hospitals (14.10.2016)

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Zimbabwe: Bulawayo – ‘We will be implementing a water shedding programme in November 2016 if we do not have any substantial inflows in the dams’ (12.10.2016)

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Zimbabwe Youth Council Statement on the Support Rendered by the Minister of High & Tertiary Education through ZIMDEF (11.10.2016)

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Zimbabwe: More on Bond-notes as they are coming while the banks are cash-strapped as ever…

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This week there are reports that some banks are only delivering cash of the value of $30 and most of it is in coins, not even bank-notes.

There are reports of cash crisis in Bulawayo, where the businesses and corporations are only allowed to take out cash in the values $100-300 at the banks.

The release of Bond-Notes has not delivered strength or given the citizens of Zimbabwe any more power in trading or living standards. The release of Bond-Notes only happens given the government new excuses to buy fresh cars.

Justas there are now reports of the Zimbabwe Development Fund used by the ZANU-PF and their Youth League to hold sham demonstrations in March as a counter to the #ThisFlag and #NERADemos. That proves what development funds are used to. What will so the vitalizing of the economy with the Bond-Notes?

This economy is so in shambles that the government has been reported sold over 25,000 baby Elephants to the Chinese, also tried to get farmers to swap from Maize to Millet to cash in on export of the crop instead of feeding their own.

All of this is happening as the nepotism of the government continues with the President son-in-law Simba Chikore getting a noble position in the faltering, but still viable Air Zimbabwe.

While this is happening the ironic so-called or somewhat of cornerstone of journalism are reporting about suit selling hawker in Harare, than all the cash-strapped issue the Republic has. But hey, the BBC has surely written enough about the Kardashians this week.

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This has been official reported:

“Zimbabwe’s vice president Emmerson Mnangagwa has just undone weeks of careful PR by the beleaguered central bank chief by saying the about-to-be-introduced bond notes will be a currency, if a report by the official Herald newspaper is to be believed” (…) “The Herald quoted the vice president on Friday as saying: “We need a mode of transaction which we can control in the country on the basis of security provided by the [African Export-Import] Bank 200 million.” (…) “will be able to have a currency that circulates within its jurisdiction” (…) “When reporter Bernard Mpofu telephoned Mangudya, he was reportedly told that his questions “did not help anyone” (News24/AllAfrica.com, 07.10.2016).

So the borrowed monies, that will add on debt to the nation and most likely give the country more inflation as the county is already cash-strapped by the little cash given to the citizens from the banks.

Next up is the 2008 formula and make emergency notes with Trillion upon Trillion in value to seal the inflation and debt level made by the government.

The Robert Mugabe only cares about himself and keeping his power at this point. Therefore he pays of his men with cars and bigger bonuses while the others who are not needed by him are in long lines asking for breadcrumbs and little given to them. Nearly none, and not even given to them what they have worked for because the banks doesn’t even pay out the salaries or needed cash to pay of their rent and food. Peace.