IMF Completes First Review of Zimbabwe Staff-Monitored Program

The International Monetary Fund approved the completion of the first review of Zimbabwe's 10-month Staff-Monitored Program on July 28, 2026. The fund reported strong program implementation through the end of March 2026, confirming that the Government of Zimbabwe met all quantitative targets for the monetary base growth, external borrowing, net international reserves, and the primary budget balance.

While most indicative targets were observed, the government failed to meet the target for protected social and priority spending. Despite this shortfall, the fund noted economic resilience, citing 8.3% growth in 2025 fueled by agriculture and mining, with a projected 5% growth for 2026.

To maintain stability, the fund urged the government to accelerate governance reforms and maintain fiscal discipline. It specifically called for the Reserve Bank of Zimbabwe to continue a tight monetary policy to anchor inflation. The completion of this review is intended to facilitate debt restructuring, the clearance of arrears, and broader re-engagement with the international community.