IMF, Zimbabwe Reach Staff-Level Deal on 10-Month Reform Program
Buhlebenkosi Nkomo
HARARE — The International Monetary Fund (IMF) says it has reached a staff-level agreement with Zimbabwe on key economic policies and reforms to be monitored under a proposed 10-month Staff-Monitored Program (SMP).
The agreement follows talks held in Harare from January 28 to February 6, 2026, led by IMF mission chief Wojciech Maliszewski. The proposed program is subject to IMF Management approval and “will not result in a Board discussion,” the IMF said.
The IMF said the program seeks to “consolidate recent stabilization gains,” strengthen fiscal and monetary policy frameworks, improve foreign exchange market functioning, and advance governance reforms, while supporting social protection.
The Fund said growth strengthened in 2025, surpassing its initial projection of 6.6%, driven by agriculture and mining, supported by high gold prices and recovering platinum and lithium output. Inflation fell to 4.1% in January 2026, aided by exchange rate stability and tight monetary conditions, it said.
For 2026, the IMF projects growth of around 5%, with inflation expected to remain in single digits. The current account is projected to stay in surplus at about 3.8% of GDP, while the primary fiscal balance is expected to register a surplus of about 0.5% of GDP.
The IMF said the SMP supports “prudent budget execution” and reforms to strengthen cash management and public financial management, including steps toward a Treasury Single Account.
On governance, the IMF said the Mutapa Investment Fund will publish audited financial statements for state-owned enterprises under its portfolio and continue refraining from contracting debt without written approval from the Ministry of Finance.
The IMF said the Zimbabwe Social Registry (ZISO) will be fully operationalised to improve the targeting and delivery of social assistance.
The Fund said the SMP is intended to build a credible reform track record and support Zimbabwe’s re-engagement efforts on arrears clearance and debt restructuring under the Structured Dialogue Platform.
