This archive report was first published on 17 November 2021.
Published on November 17, 2021, the IMF stated that it cannot provide financial support to Zimbabwe due to its unsustainable debt and official external arrears.
According to the IMF, a financial arrangement would require a clear path to a comprehensive restructuring of Zimbabwe's external debt, including the clearance of arrears and obtaining financing assurances from creditors.
Despite significant efforts by authorities to stem inflation, contain budget deficits, and reserve money growth, Zimbabwe's economy remains in a severe crisis.
The country has more than $10 billion in debt, most of which is in arrears, and has not received funding from lenders like the IMF and the World Bank for over two decades.
After several years of economic contraction, the IMF forecast that Zimbabwe's economy would expand by six percent this year, but the country is still reeling from decades of financial mismanagement under its late former president Robert Mugabe.
