IMF approves 10-month Staff Monitored Program for Zimbabwe

The program is designed to help Zimbabwean authorities build a credible track record of policy implementation. This serves as a critical stepping stone toward a potential Fund-supported financial arrangement and a comprehensive roadmap for arrears clearance.

The IMF stated that the SMP will help lay foundations for strengthening the monetary policy framework, including measures to promote the demand for the Zimbabwe Gold (ZiG). “The program will support efforts to maintain low and stable inflation and preserve progress in easing foreign exchange market pressures,” the IMF said.

The IMF noted that Zimbabwe’s economic recovery continues, supported by tight monetary policy, improving fiscal discipline and favorable external conditions. Building on the country’s robust growth in 2025, sustained policy efforts remain crucial to entrench macroeconomic stability and reinforce foundations for durable and inclusive growth.

Furthermore, the SMP will support Zimbabwean authorities’ commitment to prudent budget execution and sound expenditure control. Under the program, structural reforms will seek to strengthen governance and improve the management of fiscal risks, while also supporting the authorities’ efforts to strengthen social protection.

According to Zimbabwean Finance Minister Mthuli Ncube, the program does not make an immediate provision for funding from the international lender.