The International Monetary Fund (IMF) has confirmed support for Zimbabwe towards cyclone relief efforts and monetary reforms.
Speaking during the IMF Spring meeting, which Zimbabwe’s Finance and Economic Development Minister Professor Mthuli Ncube attended in Washington DC until Sunday, the multi-national financier’s Managing Director, Christine Lagarde said Zimbabwe is in need of urgent support.
“I would like to reaffirm that we will be conducting a Staff Monitored Programme (SMP) with Zimbabwe. And it is particularly appropriate that we do that expeditiously given the hardships and the loss caused by the recent cyclone and we will mobilise energy so that we support the authorities”
“I can assure you that on the issue of social protection of the most vulnerable, we will be deploying the principle by which we now operate. The social protection framework is going to come up for discussion at the board in the next few weeks and we certainly endeavor to deploy social protection principles and the work that we will do with the authorities,” said Lagarde.
The IMF Chief also spoke on the monetary initiatives meant to ensure macroeconomic stability in Zimbabwe.
“Given the current monetary and currency situation, if used in a smart way I hope that financial technologies can be deployed in order to include as many as possible, any knowledge, any best practices that we are aware of. We will certainly make them available in the course of the weeks to come,” she said.
Her pronouncements come after an IMF team led by Mr. Gene Leon and Zimbabwean fiscal authorities recently agreed on steps that will pave way for the SMP.
At the end of the IMF team’s visit to Harare from 1 to 5 April, the IMF released a statement confirming the development.
During the visit, the IMF staff team met with Finance Minister Ncube, Reserve Bank of Zimbabwe Governor Dr John Mangudya, other senior government and RBZ officials, and non-government representatives.