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IMF team to assess ZiG’s impact on Zimbabwe’s economy

ZiG

An International Monetary Fund (IMF) consultation mission will visit Zimbabwe later this month to assess the country’s economic performance and the newly introduced currency, the Zimbabwe Gold (ZiG), reported NewZimbabwe.com.

The IMF mission is expected in the country between June 18 to June 27 for Article IV consultations.

IMF spokesperson, Julie Kozack, confirmed the routine consultations, saying the the Bretton Woods institution is ready to support Zimbabwe’s efforts to restore macroeconomic stability. Said Kozack:

On Zimbabwe, our staff is expected to conduct the Article 4 consultations later this month.

Part of this Article 4 consultation will assess the entire economy as we always do, but also we will be looking at the new currency arrangement, the ZiG, and this Article 4 mission will give us the opportunity to do that.

Zimbabwe did introduce a new currency backed by a basket of foreign currencies and other assets, including gold and of course we stand ready to discuss these with the authorities and to support their efforts to restore macroeconomic stability.

ZiG has been the official currency since April 8, 2024, and is the sixth currency to be introduced in 15 years by the Zimbabwean government.

According to a May 2024 report by the Zimbabwe National Statistical Agency (ZIMSTAT), the introduction of the ZiG resulted in a 0.6% drop in month-on-month inflation.

However, the Institute of Security Studies (ISS) warned that Zimbabwe’s new ZiG is doomed by an overall lack of transparency. It said:

Economic mismanagement has stripped citizens’ trust in the government and threatens the new currency’s viability.

The struggle to stabilize Zimbabwe’s economy continues, with no signs of relief for ordinary citizens.

The recently introduced currency, ZiG, seems destined to suffer the same fate as the five previous attempts to create a local currency.

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