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covers Zimbabwe between 2013 and 2015.

The multilateral institution has said it intends to assist the economy realise this potential through private-sector led growth initiatives, consolidating public sector performance management and reducing vulnerabilities.

“Despite the current difficulties, Zimbabwe has great potential for sustained growth and poverty reduction and the economy could bounce back quickly,” said the World Bank.
Last month the IMF agreed to monitor Zimbabwe’s economic programme, seen as a major step towards normalising relations between the two.

The frosty relations between Zimbabwe and the IMF have never been a secret hence the latest move is regarded as phenomenal.
IMF managing director Ms Christine Lagarde approved a staff-monitored programme to oversee implementation of economic policies endorsed by Government.

The benefits accruing from this were well summed up by Ms Lagarde.
“A successful implementation of the SMP (Staff Monitored Programme) would be an important step towards helping Zimbabwe re-engage with the international community,” she said.

The programme focuses on beefing public finances, protection of infrastructure investment, strengthening public financial management, increasing diamond revenue, reducing financial sector vulnerabilities and restructuring the central bank, among other economic facets.

The efforts by the two Bretton Woods institutions imply a thawing of relations which should, naturally, work in Zimbabwe’s favour.
It is not every day that a country gets such positive vibes from the two multilateral lenders, particularly if that country is called Zimbabwe. The acrimony that has existed between Zimbabwe and these bodies, largely stemming from funds owed to the two and the country’s political discourse which is at variance with their systems, would have dictated otherwise.

But, as illogical as it may sound, the Bretton Woods institutions have extended a hand that Zimbabwe has gladly accepted.
It’s also not so much about what will the IMF and World Bank do for Zimbabwe but it’s more about the reaction from the international community. It’s no secret that relations on the international stage are guided by the Bretton Woods institutions.

Even those that may seem friendly regardless . . . only do so to a certain extent they find themselves being pulled back by the leash. The big boys in town are in charge covertly and overtly.

So for Zimbabwe, developments in the past few months can only augur well for this our economy. I remember a few years ago Finance Minister Tendai Biti presented a Budget which he confidently expressed would be bankrolled by external partners.

He intimated that he had already received expressions of interest to assist from a number of them such that it was a matter of a phone call before funds would start to flow this way.

However, reality hit when weeks turned into months, months into years, up to this day nothing much has come our way. We have been stranded for too long.
This was a rude awakening that some smiles are plastic while in some cases certain forces constrict the extension of a helping hand by our friends.

Zimbabwe has lamented the absence of lines of credit to extend to the manufacturing sector, agriculture and the rest of the economy. Presently industry is lamenting reduced production capacity while output in agriculture and other sectors of the economy has remained lower than expected due to funding challenges.

Efforts by Government have gone some way to ameliorate the situation but the economy remains constrained while other home-grown initiatives have failed to meet demand.
But now that we are in good books with the IMF and World Bank, we expect other multilateral and bilateral lenders to take a cue.

Major improvements that have seen the economy grow by an average 7,8 percent annually in the last three years, the increase in industrial capacity to 58 percent in 2011 from 10 percent in 2009 and revenue growth to US$3,5 billion in 2012 from just US$970 million in 2009 demonstrates Zimbabwe’s potential to turn the tide.

The massive slowdown in inflation from hyperinflation figures in early 2009 to single-digit figures is in itself no mean feat. The IMF and the World Bank have also noted that such resources as land, minerals, skilled personnel, a diverse industrial base and stability in the region as factors that should propel Zimbabwe’s economy.

Growth strategies should be built around this positives while fresh impetus should come from improving capacity in industry, agriculture service delivery, debt control and investment promotion, as noted by the World Bank in its report.

Zimbabwe also needs to build on the interest registered by foreign investors in the mining sector and on the Zimbabwe Stock Exchange among others. While others have decided to sit on the fence until elections are over, some investors are already positioning themselves because they already envisage a bright future for this economy.

There have been so much interest in this economy, with local and international investments summits on Zimbabwe largely oversubscribed.
There is something about this country that these people are seeing. There is something good about Zimbabwe that the investor out there has noted. The sun seems to be shining brighter and the winter less harsh, giving those interested in Zimbabwe enough reason for them to make decisions without delay.

As Zimbabweans we need to believe in ourselves. We need to see the opportunities and possibilities that the world is seeing so that we are not caught napping.
We will not be bystanders in this economy but we will actively participate and benefit from opportunities.

The time for murmuring and moaning is gone. Now is the time to remove the blinkers and the cataracts that impair our vision so that we maximise on what we have.
Certainly we should not camouflage our challenges nor ignore any danger warning signs but we should not let these get in the way of our prosperity.

Elections will soon come, elections will soon go but the economy will not grind to a halt at some point. We should all go with the flow.
If such rigid institutions as the IMF and the World Bank can see light in Zimbabwe, how about us the Zimbabweans. This is the only place we call home.

“If you believe and I believe and we together pray. The Holy Spirit must come down and Zimbabwe will be saved!” So goes the song.
In God I trust!

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