Zimbabwe: Zimbabwe Passes First IMF Programme Assessment, but Risks Remain

What the report says

AllAfrica, carrying a New Zimbabwe report dated 29 July 2026, reported that the International Monetary Fund has completed the first review of Zimbabwe’s 10-month Staff-Monitored Programme. IMF management approved the assessment after Zimbabwe met programme targets through March 2026, a development presented as part of the country’s attempt to reinforce macroeconomic stability, improve its policy track record and support efforts toward arrears clearance, debt restructuring and renewed engagement with international partners.

According to the report, the IMF said Zimbabwe’s economy remained resilient in a difficult global setting, with growth of 8.3% in 2025 supported by stronger agriculture, mining activity and favourable gold prices. The Fund projected growth of 5% in 2026 and 4.2% over the medium term, while expecting inflation to stay in single digits if current macroeconomic policies are maintained.

The IMF said Zimbabwe met all end-March quantitative targets, including benchmarks related to the primary budget balance, net international reserves, Reserve Bank of Zimbabwe lending to the non-financial public sector, limits on external borrowing and monetary base growth. However, New Zimbabwe reported that the indicative target for protected social and priority spending was missed, even as structural benchmarks due at the end of March and June were completed.

The Fund also warned that risks remain tilted to the downside, citing a possible significant El Niño event and renewed Middle East conflict. It urged the authorities to keep spending within the 2026 national budget, save extra revenue to build buffers for possible food security pressures in 2027, strengthen oversight of fiscal risks and continue reforms in monetary policy, foreign exchange management, governance and social protection.