{
  "title": "IMF Reaches Staff-Level Agreement with Zimbabwe on a New Staff-Monitored Program",
  "publication": "IMF News, February 6, 2026",
  "sourceUrl": "https://www.imf.org/en/news/articles/2026/02/06/pr-26032-imf-reaches-staff-level-agreement-with-zimbabwe-on-a-new-staff-monitored-program",
  "canonical": "https://www.imf.org/en/news/articles/2026/02/06/pr-26032-imf-reaches-staff-level-agreement-with-zimbabwe-on-a-new-staff-monitored-program",
  "overlayPath": "/en/news/articles/2026/02/06/pr-26032-imf-reaches-staff-level-agreement-with-zimbabwe-on-a-new-staff-monitored-program/index.md",
  "summary": "The IMF and Zimbabwe have reached a staff-level agreement on economic policies and reforms to be monitored under a 10-month Staff-Monitored Program (SMP), aimed at consolidating recent stabilization gains and strengthening macroeconomic management.",
  "publishDate": "2026-02-06",
  "sections": [
    {
      "heading": "Program scope and objectives",
      "content": "- Staff-level agreement reached on economic policies and reforms to be monitored under a 10-month Staff-Monitored Program (SMP).\n- SMP aims to:\n  - Consolidate recent stabilization gains and strengthen macroeconomic management.\n  - Strengthen fiscal and monetary policy frameworks, improve foreign exchange market functioning, and advance governance reforms to support stronger and more inclusive growth.\n  - Support the authorities’ social protection efforts.\n- The SMP forms part of Zimbabwe’s broader strategy to build a credible reform track record and advance re-engagement with the international community on arrears clearance and debt restructuring under the Structured Dialogue Platform.\n- This staff-level agreement is subject to IMF Management approval."
    },
    {
      "heading": "Mission and process",
      "content": "- IMF staff team led by Mr. Wojciech Maliszewski held discussions with the Zimbabwean authorities in Harare from January 28 to February 6, 2026.\n- Discussions focused on ongoing policies and reforms to support an SMP that would entrench macroeconomic stability, strengthen policy credibility, and advance re-engagement efforts towards arrears clearance and debt restructuring.\n- The mission will not result in a Board discussion; end-of-mission press release conveys preliminary findings of IMF staff and does not necessarily represent the views of the IMF’s Executive Board."
    },
    {
      "heading": "Recent macroeconomic performance (as reported)",
      "content": "- Growth:\n  - Growth strengthened in 2025, surpassing the initial projection of 6.6 percent, with solid performances in agriculture and mining.\n  - Growth in 2026 is projected at around 5 percent, supported by continued strength in agriculture and mining.\n- Inflation:\n  - Inflation fell to 4.1 percent in January 2026, aided by exchange rate stability and tight monetary conditions.\n  - Inflation is expected to remain in single digits in 2026.\n- External sector:\n  - The current account is projected to remain in surplus at about 3.8 percent of GDP.\n- Fiscal:\n  - Fiscal revenues strengthened in 2025, supported by improved tax administration and new measures, narrowing the deficit and producing a small primary surplus.\n  - The primary fiscal balance is expected to register a surplus of about half a percent of GDP in 2026."
    },
    {
      "heading": "Key policy measures and reforms supported by the SMP",
      "content": "- Fiscal policy and public financial management (PFM):\n  - Emphasis on prudent budget execution, improved cash and expenditure controls, and avoiding accumulation of new domestic arrears.\n  - Spending in the first half of the year to be anchored on a conservative revenue outlook in line with the 2026 budget.\n  - Strengthen domestic arrears monitoring through regular reporting and clearer institutional responsibilities.\n  - Improve cash planning and short-term liquidity forecasting to support more predictable and credible budget execution.\n  - Over time, implement broader PFM reforms: upgrades to budget controls, improved capture of commitments, and steps toward a Treasury Single Account.\n- Monetary and foreign exchange policy:\n  - Maintain low and stable inflation and preserve progress in easing pressures in the foreign exchange market.\n  - Strengthen the monetary policy framework, including measures to promote demand for the ZiG, enhance monetary policy operations, and improve FX market efficiency.\n- Governance and fiscal risk management:\n  - Support structural reforms to strengthen governance and improve management of fiscal risks.\n  - Mutapa Investment Fund: following the publication of the inaugural financial statement, take further steps to enhance transparency by publishing audited financial statements for all state-owned enterprises under its portfolio in line with Public Financial Management Act.\n  - Mutapa Investment Fund to continue refraining from contracting debt without the prior written approval of the Ministry of Finance, Economic Development and Investment Promotion.\n- Social protection:\n  - Support authorities’ efforts to strengthen social protection.\n  - Fully operationalize the Zimbabwe Social Registry (ZISO) to improve targeting and delivery of social assistance so support reaches households most in need."
    },
    {
      "heading": "Expected outcomes and next steps",
      "content": "- The SMP is intended to establish a credible track record to support the authorities’ re-engagement efforts and complement the broader strategy toward arrears clearance and debt restructuring, including eventual access to external concessional financing.\n- Continued progress on reforms, strengthened policy credibility, and improved transparency are expected to lay the groundwork for more substantive discussions with international partners on arrears-clearance and debt restructuring modalities in the near term.\n- IMF staff expressed appreciation for the constructive dialogue and cooperation and look forward to continued close engagement as the authorities advance the agreed reform agenda.\n\nSource: IMF Press Release No. 26/032 (February 6, 2026).\n\n---\n\n\n References\n\n- Zimbabwe and the IMF\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2026/02/06/pr-26032-imf-reaches-staff-level-agreement-with-zimbabwe-on-a-new-staff-monitored-program"
    }
  ],
  "bullets": [
    "[Markdown version](/en/news/articles/2026/02/06/pr-26032-imf-reaches-staff-level-agreement-with-zimbabwe-on-a-new-staff-monitored-program/index.md)",
    "[Structured JSON version](/en/news/articles/2026/02/06/pr-26032-imf-reaches-staff-level-agreement-with-zimbabwe-on-a-new-staff-monitored-program/index.json)",
    "[Bundle manifest](/en/news/articles/2026/02/06/pr-26032-imf-reaches-staff-level-agreement-with-zimbabwe-on-a-new-staff-monitored-program/bundle-manifest.json)",
    "Published: February 6, 2026",
    "Staff-level agreement reached on economic policies and reforms to be monitored under a 10-month Staff-Monitored Program (SMP).",
    "SMP aims to:",
    "The SMP forms part of Zimbabwe’s broader strategy to build a credible reform track record and advance re-engagement with the international community on arrears clearance and debt restructuring under the Structured Dialogue Platform.",
    "This staff-level agreement is subject to IMF Management approval.",
    "IMF staff team led by Mr. Wojciech Maliszewski held discussions with the Zimbabwean authorities in Harare from January 28 to February 6, 2026.",
    "Discussions focused on ongoing policies and reforms to support an SMP that would entrench macroeconomic stability, strengthen policy credibility, and advance re-engagement efforts towards arrears clearance and debt restructuring.",
    "The mission will not result in a Board discussion; end-of-mission press release conveys preliminary findings of IMF staff and does not necessarily represent the views of the IMF’s Executive Board.",
    "Growth:",
    "Inflation:",
    "External sector:",
    "Fiscal:",
    "Fiscal policy and public financial management (PFM):",
    "Monetary and foreign exchange policy:",
    "Governance and fiscal risk management:",
    "Social protection:",
    "The SMP is intended to establish a credible track record to support the authorities’ re-engagement efforts and complement the broader strategy toward arrears clearance and debt restructuring, including eventual access to external concessional financing.",
    "Continued progress on reforms, strengthened policy credibility, and improved transparency are expected to lay the groundwork for more substantive discussions with international partners on arrears-clearance and debt restructuring modalities in the near term.",
    "IMF staff expressed appreciation for the constructive dialogue and cooperation and look forward to continued close engagement as the authorities advance the agreed reform agenda.",
    "[Zimbabwe and the IMF](http://www.imf.org/external/country/ZWE/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
  ],
  "alternates": {
    "markdown": "/en/news/articles/2026/02/06/pr-26032-imf-reaches-staff-level-agreement-with-zimbabwe-on-a-new-staff-monitored-program/index.md",
    "json": "/en/news/articles/2026/02/06/pr-26032-imf-reaches-staff-level-agreement-with-zimbabwe-on-a-new-staff-monitored-program/index.json",
    "bundleManifest": "/en/news/articles/2026/02/06/pr-26032-imf-reaches-staff-level-agreement-with-zimbabwe-on-a-new-staff-monitored-program/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-26T04:25:58.041Z"
}