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Harambe:  IMF ready to work with Zimbabwe | PE News 4-17-24

 International Monetary Fund (IMF) managing director Ms Kristalina Georgieva yesterday said they remain committed to working with Zimbabwe to ensure economic stability and the success of the re-engagement with the international community.

She said this in a post on X after participating in a discussion on Zimbabwe’s economic developments and update on the arrears clearance and debt resolution process in Washington DC ahead of the IMF-World Bank Spring Meetings that start today, ending Friday.

“Productive discussion at the Zimbabwe roundtable with donor partners,” she said.

“The IMF stands ready to work with the Zimbabwean authorities to restore macroeconomic stability and re-engage with the international community, which are essential for accessing external financing.”

The roundtable was attended by a number of top officials, including African Development Bank (AfDB) president Dr Akinwumi Adesina, who is also the champion of Zimbabwe’s Arrears Clearance and Debt Resolution process and former Mozambique President Joachim Chissano, who is the high-level facilitator of the process.

In his address, Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube said Zimbabwe’s total public and publicly guaranteed debt stock is estimated at US$21,1 billion, comprising external debt of US$13 billion and domestic debt of US$8,1 billion.

“Zimbabwe is currently in debt distress due to the accumulation of external debt payment arrears amounting to US$6,7 billion,” said Prof Ncube.

“The external debt overhang is weighing heavily on the country’s development needs due to lack of access to international financial resources to finance Zimbabwe’s economic recovery and priority projects and programmes, under the National Development Strategy 1: (2021-2025) (NDS1).”

In December 2022, Government established a Structured Dialogue Platform as part of it’s Arrears Clearance, Debt Relief and Resolution Strategy, with all creditors and development partners in order to institutionalise structured dialogue on economic and governance reforms to underpin the Arrears Clearance and Debt Resolution process.

Prof Ncube told delegates that since then, there has been commendable progress with the Structured Dialogue Platform, with growing consensus and confidence in the process, promoted by a transparent and inclusive consultative process.

Since December 2022, five Structured Dialogue Platform meetings were held in Harare, including a High-Level Debt Resolution Forum.

Prof Ncube said the meetings have been focusing on the following strategic three pillars; economic growth and stability reforms; governance reforms; and land tenure reforms, compensation of former farm owners and the resolution of Bilateral Investment Protection and Promotion Agreements (BIPPAs).

Prof Ncube said as a sign of commitment to the engagement and re-engagement process, Government was making quarterly token payments to International Financial Institutions.

The World Bank Group has received US$1 million, taking cumulative payments made to date to US$70 million.

The AfDB Group has received US$500 000, taking cumulative payments to date US$37,4 million, while the European Investment Bank has received US$100 000, taking the cumulative payments made so far to US$5,6 million.

“Government is also making quarterly token payments of US$100 000 to each of the 16 Paris Club bilateral creditors (cumulative token payments made to date are US$12,7 million,” said Prof Ncube.

Turning to the economy, he said Zimbabwe has successfully implemented an IMF Staff Monitored Programme, established a competitive foreign exchange rate regime, ended quasi-fiscal operations at the central bank, brought macroeconomic stability, tight monetary policy and sound fiscal management and ensured availability of social protection for all, among others.

Prof Ncube said negotiations were underway for a broad Staff Monitored Programme framework, adding that the programme is “critical for Government to establish a track record of policy implementation and pave the way for Arrears Clearance and Debt Resolution, including an IMF financial arrangement”.

In terms of the food situation, he said developments during the first three months suggest a difficult year ahead owing to a severe drought attributed to EI-Nino, with serious implications on the agriculture and energy sectors, as well as the rest of the economy.

Prof Ncube said Zimbabwe has already declared the drought a National Disaster and is seeking support of the international community, including from the World Bank and the AfDB, among others.

https://positiveeyenews.co.zw/2024/04/17/imf-ready-to-work-with-zimbabwe/

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Tishwash: Al-Sudani stresses the necessity of dialogue with the US Treasury, the Federal Bank, and the International Monetary Fund

Shafaq News/ The Iraqi Prime Minister, Muhammad Shiaa Al-Sudani, stressed on Wednesday the necessity of continuing the dialogue with the US Treasury, the Federal Reserve, and the International Monetary Fund.

This came while Al-Sudani received, at his residence in the American capital, Washington, the Chairman of JP Morgan Bank, Masha Klovksi, and his accompanying delegation, according to a statement received by Shafaq News Agency.

The meeting witnessed a discussion of the Iraqi government’s efforts to implement financial and banking reforms, in light of the path it is taking towards improving the economic reality and achieving development, as well as discussing the government’s measures in developing the government banking sector, through its contracts with major international consulting companies specialized in banking reform and encouraging banks. To open accounts with foreign banks; To be correspondent banks, according to a plan aimed at dispensing with the electronic platform at the end of this year.

Al-Sudani stressed that it is not possible to work in any development sector without reform steps for the banking sector, stressing the need to continue dialogue with the US Treasury, the US Federal Reserve, the International Monetary Fund, and other international financial institutions.

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CandyKisses:  Political praise for Sudanese’s visit to Washington: It will improve the atmosphere and improve relations

Mawazine News - Baghdad,

A researcher in political affairs, Atheer Al-Sharaa, today, Wednesday, praised the visit of Prime Minister Muhammad Shiaa Al-Sudani to Washington, pointing out that this visit will improve the atmosphere and improve relations between the two countries.

Al-Sharaa said in an interview with Mawazine News: "This visit is a ray of hope and a glimmer of success that is relied upon by rational people inside and outside Iraq, and that it will turn the political situation upside down."

Al-Sharaa condemned, "Some politicians obstructing the government's steps, considering these actions to stop the process of government success that is to be achieved."

He stressed that “foreign policies are working seriously to improve and improve the type of relationship between them and America and neighboring countries, indicating that America considers that it was the one who liberated Iraq, noting that “there is a media trying to put an end to the American presence in the country.”

He continued, “There must be a necessity Dealing with the United States and its allies from other countries according to the priority of the national interest, forgetting all other considerations, pointing out that this visit will succeed according to the agenda and will improve the type of relationship between Baghdad and Washington, considering the birth of a new phase.”

Tishwash:  Parliament welcomes American support for Iraqi banks by dealing directly with international banks

Today, Wednesday, the Parliamentary Finance Committee welcomed American support for Iraqi banks licensed to deal directly with international banks.

Committee Chairman Atwan Al-Atwani said in a statement received by Al-Rabaa: “We are following with great satisfaction the results of the discussions of the Iraqi delegation currently visiting Washington, headed by Prime Minister Muhammad Shiaa Al-Sudani,” stressing “full support for the positive understandings that resulted from Al-Sudani’s meeting with the American President within the framework of the transformation in the relationship.” "Between the two countries, from the security and military aspects to the areas of development, reconstruction, economy and investment."

He added, "We welcome the US President's announcement of the United States of America's commitment to supporting Iraq to reform and develop its financial and banking system and paving the way for licensed Iraqi banks to deal directly with accredited international correspondent banks, in a way that contributes to linking Iraq to the international economic system."

He continued, "We are all confident and proud of the Iraqi negotiating delegation, and we hope that these discussions will be a new beginning to achieve a true partnership between the two countries in various political, security and economic fields in a way that achieves well-being, prosperity and stability for our country."  link

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Tishwash:  Al-Sudani receives in Washington the Chairman of JPMorgan

On Wednesday, Prime Minister Muhammad Shiaa Al-Sudani stressed the necessity of carrying out reforms in the banking sector in order to achieve development in the country, while pointing out that the government is implementing projects that will achieve sustainable development.

The Prime Minister’s media office said in a statement, seen by Al-Iqtisad News, that “Al-Sudani received, at his residence in the American capital, Washington, the President of JPMorgan Bank, Mr. Masha Klovoksy, and his accompanying delegation, and during the meeting, the government’s efforts in implementing financial and banking reforms were discussed.”

 In light of the path it is taking towards improving the economic situation and achieving development, in addition to discussing the government’s measures to develop the government banking sector, through its contracts with major international consulting companies specialized in banking reform, and encouraging private banks to open accounts with foreign banks to be correspondent banks, according to A plan aims to dispense with the electronic platform at the end of this year.”

Al-Sudani stressed, according to the statement, that “it is possible to work in any development sector without reform steps for the banking sector, and the need to continue dialogue with the US Treasury, the US Federal Reserve, the International Monetary Fund, and other international financial institutions.”

For his part, Klovsky praised "the efforts of the Iraqi government to activate, develop and rehabilitate government and private banks, and its procedures in the field of providing assistance to private Iraqi banks," stressing "its support for the activities of the Iraq Fund for Development and its readiness to provide expertise and assistance in the field of training, cooperation and partnership  link