Zimbabwe Democracy and Economic Recovery Act of 2001 - Declares it is U.S. policy to support the people of Zimbabwe in their struggles to effect peaceful, democratic change, achieve broad-based and equitable economic growth, and restore the rule of law.(Sec. 4) Directs the Secretary of the Treasury to review, and expresses the sense of Congress that the Secretary should instruct U.S. executive directors to multilateral development banks and international financial institutions to propose review of, the cancellation or reduction of indebtedness owed by, or the extension of loans, credit, or guarantees to, the Government of Zimbabwe upon the President's certification to the appropriate congressional committees that: (1) the rule of law has been restored in Zimbabwe; (2) certain election or pre-election conditions have been met; (3) the Government of Zimbabwe has demonstrated a commitment to an equitable, legal, and transparent land reform program that is consistent with agreements reached at the International Donors' Conference on Land Reform and Resettlement in Zimbabwe held in Harare, Zimbabwe, in September 1998; (4) such Government is making a good faith effort to fulfill the terms of the Lusaka, Zambia, agreement in ending the war in the Democratic Republic of Congo; and (5) the Zimbabwean Armed Forces, the National Police of Zimbabwe, and other state security forces have become subordinate to the elected civilian Government. Directs the Secretary to instruct such U.S. executive directors to oppose such assistance to Zimbabwe until such certification is made. Authorizes the President to waive such requirements if it is in the national interest of the United States.(Sec. 5) Authorizes the President to provide certain foreign assistance funds to Zimbabwe to support the establishment of democratic institutions, free press and independent media, and the rule of law. Authorizes appropriations for FY 2002.(Sec. 6) Urges the President to consult immediately with the governments of European Union member states, Canada, and other appropriate foreign countries on identifying and imposing travel and economic sanctions against individuals responsible for the breakdown of the rule of law, politically motivated violence, and intimidation in Zimbabwe.