IMF Staff Concludes Visit to Zimbabwe

IMF Staff Concludes Visit to Zimbabwe

November 6, 2025

• Zimbabwe's economic rebound in 2025 has been stronger than expected, supported by a recovery in agriculture, solid mining performance, and easing inflation amid exchange rate stability.
• Discussions in Harare emphasized the importance of reinforcing fiscal discipline in the 2026 budget by aligning expenditures with revenues and sustainable financing sources, while strengthening expenditure management.

Harare, Zimbabwe: An International Monetary Fund (IMF) staff team, led by Mr. Wojciech Maliszewski, visited Zimbabwe from October 29 to November 5, 2025, as part of the Fund's regular engagement with the Zimbabwean authorities and other stakeholders..

At the conclusion of the visit, Mr. Maliszewski issued the following statement:

"The IMF mission held productive discussions with the Zimbabwean authorities on recent economic developments and the 2026 budget framework.

"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.

"Discussions in Harare focused on enhancing fiscal discipline in the 2026 budget framework by aligning expenditures with revenues and available non-inflationary financing sources, while avoiding the accumulation of expenditure arrears. In this context, adopting credible revenue projections supported by concrete policy and administrative tax measures for 2026, and strengthening expenditure management, would help enhance fiscal resilience and the management of fiscal risks and pressures.

"In the context of the requested Staff Monitored Program, IMF staff stand ready to resume discussions upon progress towards addressing key policy issues highlighted in the Article IV consultations, including aligning the 2026 budget with the objective of sustaining macroeconomic stability."

"IMF staff met with the Minister of Finance, Economic Development and Investment Promotion, Hon. Mthuli Ncube, the Governor of the Reserve Bank of Zimbabwe, Dr. John Mushayavanhu, and their respective teams, as well as other stakeholders. The IMF team wishes to express its sincere appreciation to the Zimbabwean authorities and all counterparts for their warm hospitality, open dialogue, and excellent cooperation throughout the mission."