The International Monetary Fund (IMF) staff and Zimbabwean authorities have successfully concluded discussions for the second review under the country’s 10-month Staff-Monitored Program (SMP). This agreement, reached after a team led by Mr. Wojciech Maliszewski visited Harare from September 7 to 17, 2026, marks a significant step towards consolidating macroeconomic stability and building a track record for arrears clearance and debt restructuring. The IMF noted strong program implementation through June 2026, with all quantitative and indicative targets met, except for protected social and priority spending. Zimbabwe’s economy is projected to grow by 5 percent in 2026, following an 8.3 percent growth in 2025, with annual inflation declining to a low single-digit rate of 2.9 percent in August. However, the outlook for 2027 moderates to 3.5 percent due to the anticipated effects of a super El Niño event, though authorities are planning mitigation measures.
Key Players Involved
- International Monetary Fund (IMF): Led discussions for the second review of Zimbabwe’s Staff-Monitored Program.
- Zimbabwean Authorities: Reached staff-level agreement with the IMF on policies for the SMP.
- Mr. Wojciech Maliszewski: Led the IMF team during discussions in Harare.
Event Timeline
- September 7-17, 2026: IMF team visit to Harare for discussions.
- End-June 2026: Strong program implementation reported, targets met.
- August 2026: Annual inflation declined to 2.9 percent.
- September 17, 2026: Staff-level agreement reached.
- 2026: Economy projected to expand by 5 percent.
- 2027: Growth expected to moderate to 3.5 percent due to El Niño.
