Zimbabwe: Request for a Staff-Monitored Program-Press Release; and Staff Report

This paper presents Zimbabwe’s Request for a Staff-Monitored Program (SMP). The program aimed at consolidating recent stabilization gains and strengthening macroeconomic management. 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. The program supports the authorities’ commitment to prudent budget execution and sound expenditure control. 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. Structural reforms under the program aim to strengthen governance and improve the management of fiscal risks. The program also supports the authorities’ efforts to strengthen social protection. 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.