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1.
2.
3. Zimbabwe is in the Sub-Saharan Africa region with a
population of 15.6 million and GDP of US$14.4million
(2015)
Country Policy and Institutional Assessment ratings in
2015 by IDA was ranked as a Fragile –conflicted
country.
Isolation from the international community continues
to restrict aid flows resulting in build up of arrears to
multilateral and bilateral partners. National debt 76%
of GDP.
Economic growth has slowed sharply, extreme
poverty has risen substantially 20% of population is in
extreme poverty.
Health, education and other basic services once
regional models are near collapse.
4. Existing infrastructure requires refurbishment.
In 2009 country adopted a multicurrency regime
(dollarization) that spurred macroeconomic
stability and economic growth.
Consequently, the country began making token
payments on arrears and embarked on a series of
staff monitored programs with IMF.
Business confidence has fallen and World bank
2017 Easy of Doing Business report Zimbabwe
was ranked 161 out of 190 countries. Zimbabwe
has enormous potential for sustained growth and
poverty reduction given its vast natural
resources, existing infrastructure and skilled
human resources.
5. Realizing this potential will require reforms of
fiscal and monetary policies and resolve
arrears to the international lenders which
would allow for resumption of development
financing.
It would also require institutional and
operational capacity in the public sector and
reforms in the investment climate to attract
both domestic and international private
finance.
6. My target audience are policy makers, business
community and civil society.
Proposed financial solution is to improve the
limited access to finance in Zimbabwe. Financial
resources are required for SDGs, sustainable
economic growth, development of infrastructure
and employment creation.
The financial solution will not have an immediate
positive impact as the World Bank Group will only
resume direct lending to Zimbabwe upon
resolving and clearing of existing arrears.
7. DRM is the largest resource to fund National
Development Plans and could ultimately end
foreign assistance.
Financial resources for development finance can
be increased by improving tax administration
and public expenditure efficiency.
MDBs policy guidance, technical assistance and
institutional capacity on tax administration,
public expenditure efficiency, financial integrity
and debt management is necessary to support
public resource mobilization.
8. Private sector is an indispensable force for economic growth in Zimbabwe.
Private resources movement is determined by risk-reward considerations which in
turn are driven by public policies in both host and sources countries.
It is crucial in fragile and conflicted countries (FCC) as investment to create jobs,
spur economic growth, generate tax revenues and bolster infrastructure. However,
FCC countries are perceived as too risky as result of many challenges (political
instability ,weak government institutions, poor legal and regulatory
frameworks)but there are also ample opportunities.
Zimbabwe is not currently eligible for financing under IDA.
Resumption of full WBG financial support anchors on arrears clearance.
Zimbabwe’s debt to the WBG is more than US1.4 billion with over US1.1 billion in
arrears.
Despite the absence of direct lending WBG has maintained support for Zimbabwe
through a variety of non lending instruments and trust funds including policy
guidance to build conducive macroeconomic investment climate.
Official Development Assistance: Flows
9. Improve DRM and unlock financing
opportunities for public-private investment.
Improve government institutions, legal and
regulatory environment.
Create policy, political stability, improve tax
system, public expenditure management and
rebuild trust.
Provide adequate infrastructure and other
basic services
Eradicate poverty and hunger.
10. Support improvement in mobilization of
domestic and international investments to
finance SDGs.
Eradicate extreme poverty and hunger.
Improve investment climate and create attractive
investment opportunities.
Design high quality projects and provide a guide
on incentives to investors.
Find innovative financial solution.
Unlock investments, mobilize resources through
catalytic activities and to develop equity income
indexes.
11. Contribute to economic growth.
Create employment.
Provide tax revenue
Develop infrastructure
Contribute to end poverty and hunger.
12. Zimbabwe is not currently eligible for direct lending
and financing under IDA’s turnaround facility due to
poor debt servicing and non payment of arrears.
Limited access to private finance both domestic and
international.
Weak government institutions
Lax legal and regulatory frameworks.
Poor macroeconomic environment, high debt to GDP
ratio and fiscal deficit due to high public sector wage
bill.
Reduced capacity to curb corruption and human
rights violations.
Weak rule of law and political uncertainty.
13. Zimbabwe is currently not eligible for financing under IDA and its Private Sector Window as
result of bad debt servicing and non payment of arrears. Therefore prompt action to correct
fiscal policies and resolve arrears to MDBs which would allow for a resumption of development
financing to fund SDGs.
Zimbabwe proposed a plan to clear arrears and resume much needed financing from,
International Financial Institutions. However, delays in implementing this plan and undertaking
corrective fiscal reforms continue to slowdown recovery.
It will also require the continued renewal of institutional and operational capacity in the public
sector as well as deep reforms in the investment climate.
By adopting a wide range of measures which includes building a good investment climate to
encourage both private and foreign direct investors.
Zimbabwe’s fundamentals for growth and poverty reduction are strong, provided the country
can tackle its political fragilities and build a consensus around inclusive and competitive
investment policies.
Build strong macroeconomic environment, reduce debt to GDP ratio and fiscal deficit.
Government to increase its spending on public finance for capacity development of
institutions.
Improve the Easy of doing business environment to attract investors.
Strengthen rule of law, curb corruption and ensure a transparent and stable environment
which attract investors.
14. World Bank Statement on Zimbabwe ,September 8, 2016.
World Bank Statement on Zimbabwe ,Oct 04, 2016
Joaquim Levy :Unlocking Investment opportunities in Fragile Markets.
Innovative Finance for Development Solutions: Initiatives of the World Bank
Group.