The African Legal Support Facility (“ALSF” or the “Facility”) welcomes the announcement that the Government of Zimbabwe and the International Monetary Fund (“IMF”) have reached a staff-level agreement on a 10-month Staff-Monitored Program (“SMP”), marking an important milestone in Zimbabwe’s ongoing economic reform efforts and broader international re-engagement process.
The SMP, which remains subject to IMF Management approval, establishes a structured framework to consolidate recent gains in macroeconomic stability, strengthen fiscal and monetary governance, and reinforce public financial management. It also represents a critical step toward restoring Zimbabwe’s external financial credibility and advancing its arrears clearance and debt restructuring objectives under its Structured Dialogue Platform (“SDP”).
ALSF Advisory Support to Zimbabwe
Since March 2023, the ALSF has provided sustained legal and technical advisory support to the Government in furtherance of its arrears clearance and debt resolution strategy, pursuant to a grant approved by the ALSF Management Board. This support includes the engagement of Kepler Karst as legal counsel, Global Sovereign Advisory as financial advisor and Manokore Attorneys as local counsel, to assist Zimbabwe in navigating the legal, financial and institutional complexities of the arrears clearance and debt restructuring process.
Working closely with Zimbabwean authorities and international partners, the ALSF advisory team has stewarded key legal, technical and strategic aspects of the reform and re-engagement process.
Looking Ahead
The staff-level agreement represents a pivotal advancement in Zimbabwe’s efforts to establish a credible track record of macroeconomic reform and policy implementation. Successful implementation of the SMP is expected to facilitate progress toward arrears clearance with international financial institutions, unlock access to concessional financing, and lay the foundation for comprehensive debt treatment and an IMF Upper Credit Tranche program.
The ALSF remains committed to supporting its member countries in achieving durable financial stability and sustainable debt outcomes. The Facility will continue working alongside the Government of Zimbabwe and its partners to support the implementation of reforms, strengthen institutional capacity, and advance Zimbabwe’s transition toward restored financial sustainability and renewed access to international capital markets.
About the African Legal Support Facility
The African Legal Support Facility is an international organisation hosted by the African Development Bank. It provides specialised legal and technical advisory services to African governments and regional institutions in the structuring and negotiation of complex commercial and sovereign transactions, including debt restructuring and creditor negotiations.
Contact Information:
African Legal Support Facility
Email: alsf@afdb.org
Website: https://www.alsf.int