IMF Staff Concludes Visit to Zimbabwe
IMF News, November 6, 2025
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- Published: November 6, 2025
Economic assessment and outlook
- “Zimbabwe’s economic rebound in 2025 has been stronger than expected, supported by a recovery in agriculture, solid mining performance, and easing inflation amid exchange rate stability.”
- “The economy is expected to maintain strong momentum in 2026.”
- Key drivers cited:
- rebound in agriculture
- solid performances in mining
- continued significant easing of inflation
- stable foreign exchange rate
Fiscal policy findings and recommendations
- Discussions emphasized the importance of reinforcing fiscal discipline in the 2026 budget by:
- aligning expenditures with revenues and sustainable financing sources
- strengthening expenditure management
- avoiding the accumulation of expenditure arrears
- Specific policy guidance included:
- adopting credible revenue projections supported by concrete policy and administrative tax measures for 2026
- using available non-inflationary financing sources
- strengthening expenditure management to enhance fiscal resilience and the management of fiscal risks and pressures
Program engagement and next steps
- In the context of the requested Staff Monitored Program, IMF staff stand ready to resume discussions upon progress towards addressing key policy issues highlighted in the Article IV consultations, including aligning the 2026 budget with the objective of sustaining macroeconomic stability.
- Stakeholder engagement: IMF staff met with the Minister of Finance, Economic Development and Investment Promotion, Hon. Mthuli Ncube, the Governor of the Reserve Bank of Zimbabwe, Dr. John Mushayavanhu, and their respective teams, as well as other stakeholders.
IMF Press Release No. 25/361, November 6, 2025.