A quick internet search revealed that a staff-monitored program (SMP) is an informal and flexible instrument for dialogue between the IMF staff and a member country on its economic policies. Under a staff-monitored program, the country’s targets and policies are monitored by the IMF staff.
To begin with, the fact that Government has agreed to undergo an IMF SMP show that President Mnangagwa is leaving no stone unturned in turning around the fortunes of Zimbabwe. Logic dictates that he, who agrees to be audited by an outsider, be it with regards to an election or how you use your money, has nothing to hide. Thus Government’s behavior in this regard can be traced to inviting international observers and journalists to monitor and write about the 2018 harmonized election – there was nothing to hide. Same can be said about how Government intends to use monies at its disposal.
Secondly, the SMP will serve as an entry point for full support of Zimbabwe by the Bretton Wood institution, whose mandate is to promote international monetary cooperation and provide policy advice and capacity development support to help countries build and maintain strong economies. The IMF also make loans and help countries design policy programs to solve balance of payments problems when sufficient financing on affordable terms cannot be obtained to meet net international payments. These loans are short and medium term and funded mainly by the pool of quota contributions that its members provide.
The long and short of it is that the IMF SMP has resulted in the coming together of important pieces in turning around of Zimbabwe’s economy – political will and international cooperation. So, what is the opposition aggrieved about?
MDC National Spokesperson, Jacob Mafume, is on record saying that the IMF support was ill-timed as it curtailed their fight for an allegedly stolen election – what a lame argument. The MDC needs to understand that reviving the economy should transcend political differences. Yes – it is their right to raise alarm should they feel short changed, but that right is being abused. The MDC has cooked up the illegitimacy issues, which they could not prove in a court of law, so that they can further isolate the country from the international community which it needs to turn around its fortunes. That party is happier when Zimbabwe is isolated and suffering.
Mafume goes on to claim that the IMF is not and has never been able to hold tyrannical regimes to account. What the MDC party seems to forget is that whether or not a government is tyrannical is a matter of opinion – it is not shared by all. It makes sense depending on which side of the fence you are sitting and in the case of Zimbabwe, the IMF does not think so. The same can be said about the international observers who, though they raised a number of issues that needed to be addressed, gave Zimbabwe’s 2018 harmonised election thumbs up.
To the people of Zimbabwe, now is the time to disassociate with organisations that strive to keep us apart and poor, and work towards the revival of the fortunes of the motherland. It is not beneficial to follow people that get rich by working hard to undermine our country’s greatness.
