At the authorities’ request, IMF Management has approved a six-month extension of Zimbabwe’s Staff Monitored Program (SMP) to allow time for the national authorities to strengthen their policies and deliver on outstanding commitments under the program.
The SMP was approved by IMF Management in June 2013 for the period April–December 2013 (see Press Release 13/174). During the October 2013 Annual Meetings of the IMF and the World Bank, the new authorities reiterated their commitment to the SMP and to the process of reengagement with the IMF and with other multilateral institutions.
Under the extension, an IMF staff team will visit Harare in March 2014 to assess performance, combining the first and second reviews under the SMP. During the March 2014 visit, the targets for a third review with an assessment date end-June 2014 will be set.