International Monetary Fund (IMF) Management has approved a 10-month non-financing Staff-Monitored Program (SMP) for Zimbabwe to consolidate recent stabilization gains, strengthen macroeconomic management, and support the authorities’ efforts to advance re-engagement with the international community. The SMP is framed against a recovery supported by tight monetary policy and improving fiscal discipline, with growth strengthening in 2025 and inflation declining to 4.4 percent in March 2026. Policy measures under the program include prudent budget execution and expenditure control aligned with the 2026 budget, with first-half 2026 spending anchored on a conservative revenue outlook to avoid new domestic arrears, alongside enhanced monitoring and reporting of arrears. The program also prioritizes stronger cash planning and public financial management, including improved liquidity forecasting and progress toward a Treasury Single Account, as well as measures to maintain low and stable inflation, promote demand for the ZiG, and improve foreign exchange market efficiency. Structural reforms focus on governance and fiscal-risk management, including publication of audited financial statements for state-owned enterprises under the Mutapa Investment Fund and improved reporting of public sector liabilities, while social measures include further operationalizing the Zimbabwe Social Registry to strengthen targeting of assistance. The SMP is intended to help Zimbabwe build a credible track record of policy implementation as a steppingstone toward a potential Fund-supported program and to support the authorities’ broader roadmap for arrears clearance and re-engagement.
International Monetary Fund 2026-04-16
International Monetary Fund approves a 10-month non-financing Staff-Monitored Program for Zimbabwe
The IMF has approved a 10‑month non‑financing Staff‑Monitored Program for Zimbabwe to consolidate stabilization gains, strengthen macroeconomic management, and support re‑engagement with the international community. The program focuses on prudent budget execution, arrears control, stronger cash and public financial management, maintaining low and stable inflation, supporting the ZiG and foreign exchange market efficiency, governance and fiscal‑risk reforms, and better‑targeted social assistance. It aims to build a credible policy track record as a step toward a potential Fund‑supported program and arrears clearance.