## IMF Management Approves a Staff Monitored Program for Zimbabwe

_IMF News, April 16, 2026_

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## Bibliographic details
- Published: April 16, 2026

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### Program overview
- IMF Management approved a 10-month non-financing Staff-Monitored Program (SMP) for Zimbabwe.
- SMPs are informal agreements between national authorities and IMF staff to monitor the authorities’ economic program and do not entail endorsement by the IMF Executive Board; SMP staff reports are issued to the Board for information.
- The SMP aims to consolidate recent stabilization gains, strengthen macroeconomic management, and support the authorities’ efforts to advance re-engagement with the international community.
- The SMP is intended to help Zimbabwe establish a credible track record of policy implementation as a steppingstone toward a potential Fund-supported program and to support the authorities’ broader roadmap for arrears clearance and re-engagement with the international community.

### Macroeconomic context and key indicators
- Zimbabwe’s economic recovery continues, supported by tight monetary policy, improving fiscal discipline, and favorable external conditions.
- Growth strengthened in 2025, with solid performances in agriculture and mining, supported by high gold prices and recovering platinum and lithium output.
- Inflation declined sharply, reaching 4.4 percent in March 2026, aided by a stable foreign exchange rate and tight monetary conditions.
- Sustained policy efforts are expected to:
  - entrench macroeconomic stability;
  - deepen confidence in the ZiG;
  - enhance foreign exchange market functioning;
  - rebuild reserve buffers; and
  - reinforce the foundations for durable and inclusive growth.

### Fiscal policy and public financial management
- The program emphasizes prudent budget execution, improved cash and expenditure controls, sustained monetary discipline, and governance reforms to enhance transparency and manage fiscal risks.
- In line with the 2026 budget, spending in the first half of the year will be anchored on a conservative revenue outlook to ensure alignment with available resources and avoid the accumulation of new domestic arrears.
- The authorities will strengthen fiscal discipline and transparency through:
  - enhanced monitoring and reporting of domestic arrears;
  - clearer institutional responsibilities.
- Improving cash planning and public financial management is a central pillar:
  - enhance institutional arrangements for cash management;
  - improve short-term liquidity forecasting to support more predictable and credible budget execution;
  - pursue broader public financial management reforms over time, including strengthened budget controls, improved commitment recording, and progress toward a Treasury Single Account—to enhance the efficiency, transparency, and discipline of public spending.

### Monetary policy and foreign exchange
- The program will support efforts to maintain low and stable inflation and preserve progress in easing foreign exchange market pressures.
- It will also help lay the foundations for strengthening the monetary policy framework, including measures to:
  - promote demand for the ZiG;
  - enhance monetary policy operations;
  - improve foreign exchange market efficiency.

### Structural reforms, governance, and fiscal risk management
- Structural reforms under the program aim to strengthen governance and improve the management of fiscal risks.
- Measures include:
  - enhance transparency through the publication of audited financial statements for state-owned enterprises under the Mutapa Investment Fund;
  - limit fiscal risks through adherence to the Public Debt Management Act and improved reporting of public sector liabilities.

### Social protection
- The SMP supports the authorities’ social protection efforts.
- The Zimbabwe Social Registry will be further operationalized to improve the targeting and delivery of social assistance and ensure support reaches the most vulnerable households.

### Intended outcomes and next steps
- Consolidate stabilization gains and strengthen macroeconomic management.
- Build a credible reform track record to facilitate potential transition to a Fund-supported program.
- Support the authorities’ broader roadmap for arrears clearance and re-engagement with the international community.

*Press Release No. 26/122 — April 16, 2026, International Monetary Fund.*

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## 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/2026/04/16/pr-26122-zimbabwe-imf-management-approves-a-staff-monitored-program_