## IMF Reaches Staff-Level Agreement with Zimbabwe on a New Staff-Monitored Program _IMF News, February 6, 2026_ ## Source details **Canonical URL:** [IMF Reaches Staff-Level Agreement with Zimbabwe on a New Staff-Monitored Program](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) ## Other formats - [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) ## Bibliographic details - Published: February 6, 2026 --- ### Program scope and objectives - Staff-level agreement reached on economic policies and reforms to be monitored under a 10-month Staff-Monitored Program (SMP). - SMP aims to: - Consolidate recent stabilization gains and strengthen macroeconomic management. - Strengthen fiscal and monetary policy frameworks, improve foreign exchange market functioning, and advance governance reforms to support stronger and more inclusive growth. - Support the authorities’ social protection efforts. - 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. ### Mission and process - 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. ### Recent macroeconomic performance (as reported) - Growth: - Growth strengthened in 2025, surpassing the initial projection of 6.6 percent, with solid performances in agriculture and mining. - Growth in 2026 is projected at around 5 percent, supported by continued strength in agriculture and mining. - Inflation: - Inflation fell to 4.1 percent in January 2026, aided by exchange rate stability and tight monetary conditions. - Inflation is expected to remain in single digits in 2026. - External sector: - The current account is projected to remain in surplus at about 3.8 percent of GDP. - Fiscal: - Fiscal revenues strengthened in 2025, supported by improved tax administration and new measures, narrowing the deficit and producing a small primary surplus. - The primary fiscal balance is expected to register a surplus of about half a percent of GDP in 2026. ### Key policy measures and reforms supported by the SMP - Fiscal policy and public financial management (PFM): - Emphasis on prudent budget execution, improved cash and expenditure controls, and avoiding accumulation of new domestic arrears. - Spending in the first half of the year to be anchored on a conservative revenue outlook in line with the 2026 budget. - Strengthen domestic arrears monitoring through regular reporting and clearer institutional responsibilities. - Improve cash planning and short-term liquidity forecasting to support more predictable and credible budget execution. - Over time, implement broader PFM reforms: upgrades to budget controls, improved capture of commitments, and steps toward a Treasury Single Account. - Monetary and foreign exchange policy: - Maintain low and stable inflation and preserve progress in easing pressures in the foreign exchange market. - Strengthen the monetary policy framework, including measures to promote demand for the ZiG, enhance monetary policy operations, and improve FX market efficiency. - Governance and fiscal risk management: - Support structural reforms to strengthen governance and improve management of fiscal risks. - 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. - Mutapa Investment Fund to continue refraining from contracting debt without the prior written approval of the Ministry of Finance, Economic Development and Investment Promotion. - Social protection: - Support authorities’ efforts to strengthen social protection. - Fully operationalize the Zimbabwe Social Registry (ZISO) to improve targeting and delivery of social assistance so support reaches households most in need. ### Expected outcomes and next steps - 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. *Source: IMF Press Release No. 26/032 (February 6, 2026).* --- ## References - [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) _Source: 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_