Zimbabwean authorities and International Monetary Fund (IMF) staff have reached a staff-level agreement on the second review under the country’s 10-month Staff-Monitored Program. This significant development, confirmed today, follows productive discussions held in Harare from September 7 to 17, 2026. The agreement is subject to approval by IMF Management.
Program implementation through the end of June 2026 was reported as strong, with all quantitative and indicative targets met, except for the indicative target on protected social and priority spending. Both end-June structural benchmarks were also successfully achieved. The IMF staff noted that maintaining disciplined policy execution, protecting social spending, advancing monetary and exchange rate reforms, and strengthening governance and fiscal transparency are crucial for continued progress.
Key Players Involved
- IMF Staff (Wojciech Maliszewski): Led the mission to Harare and confirmed the staff-level agreement.
- Zimbabwean Authorities: Engaged in discussions and committed to ongoing policy reforms.
- Reserve Bank of Zimbabwe: Maintained a tight monetary policy stance, contributing to low inflation and exchange rate stability.
Event Timeline
- September 7-17, 2026: IMF staff team visited Harare for discussions.
- September 19, 2026: Staff-level agreement announced.
