An International Monetary Fund (IMF) staff team, led by Wojciech Maliszewski, concluded a visit to Zimbabwe on November 5, 2025, confirming that the country's economic recovery in 2025 has been stronger than previously anticipated.
The mission, which was part of the Fund’s regular engagement, was in Harare from October 29 to November 5 for discussions with Zimbabwean authorities and other stakeholders.
The IMF staff statement highlighted several positive indicators contributing to the robust performance. The economy’s resilience has been driven by a rebound in the agricultural sector and solid performance in mining, while inflation has continued to significantly ease, a trend supported by a stable foreign exchange rate. The IMF projects that this strong momentum is expected to be maintained in 2026.
“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," Maliszewski stated.
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A core theme of the discussions centred on the framework for the 2026 national budget. The IMF team emphasised the crucial need to reinforce fiscal discipline by aligning expenditures with revenues and available non-inflationary financing sources.
Meetings with key officials, including Minister of Finance, Economic Development and Investment Promotion, Mthuli Ncube, and the Governor of the Reserve Bank of Zimbabwe, John Mushayavanhu, focused on measures to enhance fiscal resilience. These measures include strengthening expenditure management, avoiding the accumulation of expenditure arrears, and adopting credible revenue projections backed by concrete tax policy and administrative measures for the coming year.
The IMF staff also addressed the country’s request for a Staff Monitored Program (SMP), an informal agreement to monitor the government's economic program. Maliszewski indicated that the IMF team stands ready to resume discussions on the SMP.
However, the resumption is contingent upon progress towards addressing key policy issues previously highlighted in the Article IV consultations. Crucially, this involves aligning the 2026 budget with the objective of sustaining macroeconomic stability.
The IMF team concluded the statement by expressing its sincere appreciation to the Zimbabwean authorities and all counterparts for their warm hospitality, open dialogue, and excellent cooperation throughout the mission.
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