[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109861-en":3,"doc-seo-109861-105":31,"detail-sidebar-cat-0-en-105":93},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":28,"seo_description":14,"update_tm":29,"read_time":30},109861,962075114101,"Seraphina","https://ap-avatar.wpscdn.com/avatar/e000253a75eb197efd?x-image-process=image/resize,m_fixed,w_180,h_180&k=1780044092746381165",8,"Research & Report","Zimbabwe - Joint World Bank-IMF Debt Sustainability Analysis - February 2020","Zimbabwe is classified as being in debt distress, driven by unsustainable public and publicly guaranteed (PPG) external and total debt, alongside large external arrears. Baseline and shock scenarios breach key external debt thresholds, reflecting persistent arrears to IFIs, official, and commercial creditors. Domestic debt has expanded due to sizable fiscal deficits and limited external financing, while currency conversion and very high inflation eroded real values. Restoring sustainability requires sustained fiscal consolidation, stopping quasi-fiscal debt increases, and agreeing on comprehensive treatment of external debt and arrears.","Public Disclosure Authorized Public Disclosure Authorized  \nINTERNATIONAL DEVELOPMENT ASSOCIATION  \nINTERNATIONAL MONETARY FUND  \nZIMBABWE  \nJoint World Bank-IMF Debt Sustainability Analysis  \nFebruary 2020  \nPrepared jointly by the staffs ofthe International Development Association (IDA)  \nand the International Monetary Fund (IMF)  \nApproved by Marcello Estevão (IDA), David Robinson and Jeromin Zettelmeyer (IMF)  \n\n| Zimbabwe: Joint Bank-Fund Debt Sustainability Analysis |  |\n| --- | --- |\n| Risk of external debt distress | In debt distress |\n| Overall risk of debt distress | In debt distress |\n| Granularity in the risk rating | Unsustainable |\n| Application of judgment | No |\n\nZimbabwe is classified as “in debt distress”, with unsustainable public and publicly guaranteed (PPG) external and total debt and large external arrears.1 External and total public debt breach the thresholds in both the baseline and shock scenarios. Moreover, Zimbabwe has large and longstanding external arrears to IFIs, official, and commercial creditors. Domestic debt has grown in recent years due to large fiscal deficits and negligible access to external finance, but the recent currency conversion and high inflation have significantly eroded its real value. Restoring debt sustainability requires the sustained implementation of a significant fiscal consolidation, cessation of quasi-fiscal activities that lead to debt increases, as well as reaching agreement with creditorson a comprehensive treatment of Zimbabwe’s external debt and arrears. The authorities broadly concurred with the staff’s assessment contained in the DSA, and were confident that the envisaged reengagement with the international community will help restore debt sustainability.  \n1 Zimbabwe’s Composite Indicator (CI) index is calculated at 1.8 based on the October 2019 WEO and the 2018 CPIA data, indicating that the county’s debt-carrying capacity is ‘weak’, which is the same classification as under the previous DSA.  \nBACKGROUND ON DEBT  \n1. Zimbabwe’s public debt has increased since the last published DSA (2017) as unsustainable fiscal deficits and quasi-fiscal activities of the RBZ increased domestic and  \nexternal debt, including through further arrears accumulation. 2 With negligible access to external financing, these deficits were financed domestically  \nthrough the banking system and, until recently, the Reserve Bank of Zimbabwe (RBZ), as well as arrears. Domestic debt, which was negligible 5 years ago, reached ZWL$ 6.98 billion by end-2018. However, its value, in real terms3 and as a percentage of GDP, has fallen drastically since the introduction of the Zimbabwe dollar and the  \nredenomination of domestic debt into the new currency in 2019. External debt is dominated by official creditors—both bilateral and multilateral—with the bulk of the debt in arrears. Text Table 1 outlines the debts of Zimbabwe under various categories, e.g. debt outstanding and disbursed  \n\n| Text Table 1. Zimbabwe: Public and Publicly Guaranteed Debt\u003Cbr>(USD millions; as ofend-2018) |\n| --- |\n|  |\n| DOD Arrears Total % of GDP* |\n| (USD millions; as ofend-2018)\u003Cbr>External Debt1 2,563 6,109 8,672 38%\u003Cbr>Bilateral Creditors 1,519 3,687 5,206 23%\u003Cbr>Paris Club 210 3,258 3,469 15%\u003Cbr>Non Paris Club 1,309 428 1,737 8%\u003Cbr>Multilateral Creditors 899 2,359 3,258 14%\u003Cbr>World Bank 219 1,270 1,489 6%\u003Cbr>African Development Bank 35 657 692 3%\u003Cbr>European Investment Bank 19 290 309 1%\u003Cbr>Afreximbank 489 67 556 2%\u003Cbr>Others 137 74 211 1%\u003Cbr>Commercial Creditors 145 63 208 1%\u003Cbr>(ZWL$ millions; as ofend-2018)\u003Cbr>Domestic debt2 6,875 108 6,984 16%\u003Cbr>Government Bonds 4,785 - 4,785 11%\u003Cbr>RBZ loans 2,049 - 2,049 5%\u003Cbr>Domestic Arrears - 108 108 0%\u003Cbr>Other 42 - 42 0%\u003Cbr>Farmer's compensation3 2.4-10 USD billion (10-45% GDP) |\n| Source: Zimbabwean authorities and IMF staff calculations.\u003Cbr>*Percentage of estimated nominal 2018 GDP, which is still subject to potential major revision\u003Cbr>1/ External public and publicly-gu","cbCaigl7siXnfzwD","https://ap.wps.com/l/cbCaigl7siXnfzwD","pdf",393711,5,1,17,"English","en",105,"# Executive Summary\n## Debt distress assessment and risk ratings\n## Drivers of public debt and arrears\n## Debt definitions and coverage scope\n## Public and publicly guaranteed debt structure","[{\"question\":\"What is Zimbabwe’s overall debt sustainability risk classification in this analysis?\",\"answer\":\"Zimbabwe is classified as being in debt distress, with unsustainable public and publicly guaranteed (PPG) external and total debt and large external arrears.\"},{\"question\":\"Which scenarios trigger threshold breaches for external debt?\",\"answer\":\"External and total public debt breach the relevant thresholds in both the baseline and shock scenarios.\"},{\"question\":\"What actions are identified to restore debt sustainability?\",\"answer\":\"Sustained fiscal consolidation, cessation of quasi-fiscal activities that increase debt, and reaching agreement with creditors on comprehensive treatment of Zimbabwe’s external debt and arrears.\"}]","Zimbabwe - Joint World Bank-IMF Debt Sustainability Analysis - February 2020 | PDF",1784482740,43,{"code":4,"msg":32,"data":33},"ok",{"site_id":25,"language":24,"slug":34,"title":13,"keywords":35,"description":14,"schema_data":36,"social_meta":88,"head_meta":90,"extra_data":92,"updated_unix":29},"zimbabwe-joint-world-bank-imf-debt-sustainability-analysis-february-2020","",{"@graph":37,"@context":87},[38,55,70],{"@type":39,"itemListElement":40},"BreadcrumbList",[41,45,49,52],{"item":42,"name":43,"@type":44,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":46,"name":47,"@type":44,"position":48},"https://docshare.wps.com/document/","Document",2,{"item":50,"name":12,"@type":44,"position":51},"https://docshare.wps.com/document/research-report/",3,{"item":53,"name":13,"@type":44,"position":54},"https://docshare.wps.com/document/zimbabwe-joint-world-bank-imf-debt-sustainability-analysis-february-2020/109861/",4,{"url":53,"name":13,"@type":56,"author":57,"headline":13,"publisher":59,"fileFormat":62,"inLanguage":24,"description":14,"dateModified":63,"datePublished":64,"encodingFormat":62,"isAccessibleForFree":65,"interactionStatistic":66},"DigitalDocument",{"name":9,"@type":58},"Person",{"url":42,"name":60,"@type":61},"DocShare","Organization","application/pdf","2026-07-30","2026-07-19",true,{"@type":67,"interactionType":68,"userInteractionCount":20},"InteractionCounter",{"@type":69},"ViewAction",{"@type":71,"mainEntity":72},"FAQPage",[73,79,83],{"name":74,"@type":75,"acceptedAnswer":76},"What is Zimbabwe’s overall debt sustainability risk classification in this analysis?","Question",{"text":77,"@type":78},"Zimbabwe is classified as being in debt distress, with unsustainable public and publicly guaranteed (PPG) external and total debt and large external arrears.","Answer",{"name":80,"@type":75,"acceptedAnswer":81},"Which scenarios trigger threshold breaches for external debt?",{"text":82,"@type":78},"External and total public debt breach the relevant thresholds in both the baseline and shock scenarios.",{"name":84,"@type":75,"acceptedAnswer":85},"What actions are identified to restore debt sustainability?",{"text":86,"@type":78},"Sustained fiscal consolidation, cessation of quasi-fiscal activities that increase debt, and reaching agreement with creditors on comprehensive treatment of Zimbabwe’s external debt and arrears.","https://schema.org",{"og:url":53,"og:type":89,"og:title":13,"og:site_name":60,"og:description":14},"article",{"robots":91,"canonical":53},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":94},[95,99,103,107,111,116,121,124,129,132,136],{"id":21,"doc_module":4,"doc_module_name":47,"category_name":96,"show_sort_weight":97,"slug":98},"Story & Novel",90,"story-novel",{"id":48,"doc_module":4,"doc_module_name":47,"category_name":100,"show_sort_weight":101,"slug":102},"Literature",80,"literature",{"id":54,"doc_module":4,"doc_module_name":47,"category_name":104,"show_sort_weight":105,"slug":106},"Exam",70,"exam",{"id":20,"doc_module":4,"doc_module_name":47,"category_name":108,"show_sort_weight":109,"slug":110},"Comic",60,"comic",{"id":112,"doc_module":4,"doc_module_name":47,"category_name":113,"show_sort_weight":114,"slug":115},6,"Technology",50,"technology",{"id":117,"doc_module":4,"doc_module_name":47,"category_name":118,"show_sort_weight":119,"slug":120},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":47,"category_name":12,"show_sort_weight":122,"slug":123},30,"research-report",{"id":125,"doc_module":4,"doc_module_name":47,"category_name":126,"show_sort_weight":127,"slug":128},9,"Religion & Spirituality",20,"religion-spirituality",{"id":127,"doc_module":4,"doc_module_name":47,"category_name":130,"show_sort_weight":127,"slug":131},"World Cup","world-cup",{"id":133,"doc_module":4,"doc_module_name":47,"category_name":134,"show_sort_weight":133,"slug":135},10,"Lifestyle","lifestyle",{"id":137,"doc_module":4,"doc_module_name":47,"category_name":138,"show_sort_weight":20,"slug":139},19,"General","general"]