The International Monetary Fund (IMF) has approved a 10-month Staff-Monitored Program (SMP) for Zimbabwe aimed at consolidating recent economic stabilisation gains and strengthening macroeconomic management.
The non-financing programme is designed to support the country’s reform agenda while helping authorities build a track record that could pave the way for future financial assistance and re-engagement with international lenders.
According to the IMF, Zimbabwe’s economic recovery has shown signs of improvement, driven by tight monetary policy, improved fiscal discipline and favourable external conditions.
Growth strengthened in 2025, supported by strong performance in agriculture and mining, particularly due to high gold prices and recovering platinum and lithium output.
Inflation has also declined significantly, reaching 4.4 percent in March 2026, aided by a stable exchange rate and disciplined monetary policy.
The programme will focus on maintaining low inflation, improving foreign exchange market functioning and strengthening confidence in the ZiG currency.
Authorities are expected to continue prudent budget management, with spending aligned to available revenues to avoid the accumulation of new domestic debt.
The IMF said improving public financial management will be a key priority, including better cash planning, stronger budget controls and progress towards a Treasury Single Account to enhance transparency and efficiency.
Structural reforms under the programme will also target governance improvements, including increased transparency in state-owned enterprises managed under the Mutapa Investment Fund and better reporting of public sector liabilities.
In addition, the programme supports efforts to strengthen social protection systems, particularly through the expansion of the Zimbabwe Social Registry to improve the targeting of assistance to vulnerable households.
The SMP is seen as a critical step in Zimbabwe’s broader strategy to normalise relations with international creditors and unlock future funding opportunities.
The approval comes as the IMF warned that global economic pressures, including energy market disruptions linked to the Middle East conflict and declining foreign aid, are placing additional strain on African economies, particularly those reliant on imports.
