津巴布韦：2025年第四条磋商新闻稿；员工报告；津巴布韦执行主任的发言

2025ARTICLE IV CONSULTATION—PRESS RELEASE,STAFF REPORT,AND STATEMENT BY THE EXECUTIVEDIRECTOR FORZIMBABWE In the context of the2025Article IV consultation withZimbabwe, the following documentshave been released and are included in this package: •APress Releasesummarizing the views of the Executive Board as expressed during itsAugust 27, 2025consideration of the staff report that concluded the Article IVconsultation withZimbabwe. •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration onAugust 27, 2025, following discussions that ended onJune18, 2025,with the officials ofZimbabweon economic developments and policies.Based oninformation available at the time of these discussions, the staff report was completedonAugust 11, 2025. •AnInformational Annexprepared by the IMFstaff. •ADebt Sustainability Analysisprepared by the staffs of the IMF and theWorld Bank. •AStatement by the Executive DirectorforZimbabwe. TheIMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports andother documents. Copies of this report are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.orgWeb:http://www.imf.orgPrice: $18.00per printed copy International Monetary FundWashington, D.C. PR25/323 IMF Executive Board Concludes2025Article IV Consultation withZimbabwe FOR IMMEDIATE RELEASE •Zimbabwe is experiencing a degree of macroeconomic stabilitydue to monetary policytightening.•After a sharp slowdown in 2024, economic activity recovered in the first half of 2025andgrowthis expected to rebound this year, supported by better climate conditions and record-high gold prices.•Fiscal financing pressures have intensifieddespite higher revenues,as net external financingturned negative and spending increased. Washington, DC–October 2, 2025:On August 27, the Executive Board of the International MonetaryFund (IMF) concluded the 2025 Article IV consultation with Zimbabwe1.The authorities have consentedto the publication of the Staff Report prepared for this consultation. Despite lingering policy challenges, Zimbabwe is experiencing a degree of macroeconomic stability.Growth is recovering from a sharp slowdown from 5 percent in 2023 to 1.7 percent in 2024, which wasdriven by a severe drought that significantly lowered agricultural and hydro-power electricity production,with knock-on effects to other sectors from power shortage. Declining prices for key metal exports alsoweighed on growth through lower mining output. Economic activity recovered in the first half of 2025,driven by better climate conditions, record high gold prices, and sustained workers’ remittances inflows. Fiscal financing pressures have intensified recently. By 2024, the net external financing hadturnednegative and the SDR allocation channeled for budget financing hadbeen fully utilized. Improvements inthe revenue collection provided some reprieve, with the revenue ratio increasing sharply between 2023and 2024 achieved through a reduction in VAT tax reliefs, taxation of the publicsector employeesallowance introduced during the pandemic, increased fees and levies, and steps to reduce smuggling.But spending needs have also increased, notably from higher public sector wages, capital outlays, andservicing the debt taken over by the Treasury from theRBZ and the debt related to the acquisition ofassets for the Mutapa investment Fund. The fiscal deficit remained broadly stable between 2023 and2024, but less financing led to the accumulation of nearly US$600 million of domestic expenditurearrears in2024. The deficit was financed by T-bills issuance and direct borrowing from the RBZ’soverdraft facility to service debt, contributing to the expansion of domestic liquidity—with the ZiG monetary base increasing by around 215 percent between the introduction of the ZiG in April 2024 andSeptember 2024—and an overnight drop in the value of the ZiG in September 2024, and a significantbuildup of expenditure arrears that continued into 2025. Following the end-September drop in the value of the ZiG, the RBZ halted monetary financing to pay forthe Treasury debt servicing obligations and increased statutory reserve requirements for both ZiG andFX demand deposits and raised the policy rate. Thepremium between the Willing-Buyer-Willing-Seller(WBWS) and the parallel exchange rates has narrowed, and, with the ZiG monetary base growth slowingto around 30 percent from October 2024 to April 2025, both the WBWS and the parallel market exchangerateshave largely stabilized, bringing ZiG monthly inflation down to 0.3 percent in June 2025. Zimbabwe’s economic growth is expected to rebound to 6 percent this year and the current accountsurplus to widen, both driven by a good agricultural season, record-high gold prices, and su