Online Reporter
Tapiwanashe Mangwiro
Senior Business Reporter
Zimbabwe has received one of its most positive technical assessments in recent years, after an International Monetary Fund (IMF) staff mission reported that the economic rebound in 2025 is stronger than the Fund had initially forecast.
The IMF team, led by Wojciech Maliszewski, was in Harare from October 29 to November 5, for routine engagements with the authorities.
In a statement released at the end of the visit, the mission confirmed that agriculture has rebounded, mining output is solid, and inflation has eased significantly, supported by stability in the exchange rate.
The IMF says this combination has placed Zimbabwe on a firmer footing heading into 2026, with momentum expected to carry forward into next year, and noted that the next policy priority is fiscal discipline.
“Zimbabwe’s economic recovery in 2025 is stronger than previously anticipated, given the rebound in agriculture and solid performances in mining, while inflation has continued to significantly ease, supported by a stable foreign exchange rate. The economy is expected to maintain strong momentum in 2026,” the fund emphasised.
Discussions in Harare placed emphasis on making sure the 2026 national budget aligns spending with actual revenue and non-inflationary financing. The Fund also wants the Government to adopt credible revenue forecasts based on concrete policy and tax administration measures, while strengthening expenditure control to avoid arrears.
According to the IMF, progress on these items will support resilience and help the country manage fiscal pressures more effectively.
The IMF also reiterated that it stands ready to resume talks on a Staff Monitored Programme (SMP), but only once it sees appropriate progress on the core policy themes flagged in the Article IV review, particularly around keeping the 2026 budget anchored on macro-stability principles.
“In the context of the requested Staff Monitored Programme, 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,” the Fund added.
During the mission, IMF staff held meetings with Finance, Economic Development and Investment Promotion Minister Mthuli Ncube, Reserve Bank Governor Dr John Mushayavanhu, and other senior stakeholders.
The IMF expressed appreciation for what it described as an open and constructive round of discussions, as well as the hospitality extended by the Zimbabwean authorities throughout the visit.
Peter Tanyanyiwa