The International Monetary Fund (IMF) announced Tuesday that it reached a staff-level agreement with Zimbabwe on the first review of its 10-month Staff-Monitored Program, marking a further step in the country's efforts to restore macroeconomic stability, clear external arrears and re-engage with international creditors.

The IMF said implementation of the programme through the end of March was broadly satisfactory. All quantitative targets and structural benchmarks were met, including those on the primary budget balance, international reserves, Reserve Bank of Zimbabwe lending to the public sector, new external borrowing and growth of the ZiG monetary base. The only target not met was protected social and priority spending.

The staff-level agreement followed an IMF mission to Harare from June 9 to June 18 and is subject to approval by IMF management.

The Fund said Zimbabwe's economy remained resilient despite spillovers from the Middle East conflict, including higher fuel and fertilizer prices, transport costs and shipping disruptions. The economy grew 8.3% in 2025 and is projected to grow 5% in 2026, with inflation averaging 5.1%. Growth is expected to ease to 4.2% in 2027, although the IMF warned it could slow to 2%–3% if El Niño conditions intensify, alongside risks from a worsening Middle East conflict.

The IMF welcomed the government's commitment to keep spending within the approved 2026 budget, strengthen public financial management, maintain tight monetary policy and continue reforms to the foreign exchange market. It also urged Zimbabwe to protect social spending, strengthen governance and fiscal risk management, and continue work on debt restructuring and restoring relations with international lenders.