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Zimbabwe has successfully completed the first review of the country’s 10-month Staff-Monitored Programme (SMP) and the International Monetary Fund (IMF) has commended the country’s economic resilience citing strong economic growth, low inflation and sustained macroeconomic stability.
In a statement, the IMF said Zimbabwe’s economy grew by 8.3 per cent in 2025 and remained strong in early 2026, supported by improved agricultural output, robust mining activity and favourable global gold prices.
Inflation remained low, reflecting the impact of tight monetary policy and exchange rate stability, while the overall macroeconomic performance of the country continued to improve, the Fund said.
The IMF says Zimbabwe’s economy is expected to grow by 5% in 2026 and average 4.2% over the medium term. It said the current account surplus would shrink but remain healthy.
However, the IMF warned that the outlook is subject to downside risks, including the possibility of a major El Nino weather event and persistent geopolitical tensions in the Middle East, which could weigh on economic performance.
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It said the programme’s implementation remained on track through March 2026, with all quantitative targets and structural benchmarks met.
However, the indicative target for protected social spending was not achieved.
The Fund recalled that the non-financing Staff-Monitored Programme agreed in February was designed to strengthen macroeconomic stability, enhance policy credibility and support Zimbabwe’s efforts towards arrears clearance, debt restructuring and re-engagement with the international community.
The successful conclusion of the first review, the IMF said, constitutes an important milestone in the consolidation of Zimbabwe’s macroeconomic stabilisation gains and the implementation of reforms to promote sustainable economic growth and financial stability.
