# Zimbabwe-IMF economic program review

> Live situation record from CLSTR: https://clstr.news/situations/zimbabwe-imf-economic-program-review
> Updated: 2026-10-07T14:24:58.000Z. Sources: 15. Developments: 3.

Zimbabwean authorities and the International Monetary Fund (IMF) have reached a staff-level agreement to complete the second review of a 10-month Staff-Monitored Program. The program aims to consolidate macroeconomic stability and establish a foundation for debt restructuring, arrears clearance, and international re-engagement.

According to IMF reports, program implementation through June 2026 was strong, with most quantitative and indicative targets met, including reforms related to the Zimbabwe Social Registry (ZISO) and a Treasury Single Account strategy. However, the indicative target for protected social and priority spending was not achieved; the IMF noted a failure to meet minimum spending requirements for programs intended to protect vulnerable households.

Economic projections indicate Zimbabwe’s economy grew by 8.3 percent in 2025 and is expected to grow by 5 percent in 2026. Annual inflation fell to 2.9 percent in August, aided by tight monetary conditions and exchange rate stability. While growth may moderate to 3.5 percent in 2027 due to potential El Niño effects, the current account is projected to remain in surplus driven by export receipts and remittance inflows.

## Timeline

### 2026-10-07: IMF completes economic programme reviews for Zimbabwe and Rwanda

The IMF has completed economic programme reviews for Zimbabwe and Rwanda, noting successful fiscal reforms in both nations despite challenges in social spending in Zimbabwe and inflation in Rwanda.

2 sources. https://clstr.news/cluster/imf-completes-economic-programme-reviews-for-zimbabwe-and-rwanda

### 2026-09-17: Zimbabwe and IMF reach agreement on second program review

Zimbabwe and the IMF have reached a staff-level agreement on the second review of a 10-month program to bolster macroeconomic stability and support debt restructuring efforts.

7 sources. https://clstr.news/cluster/zimbabwe-and-imf-reach-agreement-on-second-program-review

### 2026-09-10: IMF agreement outlines major fiscal and monetary reforms

The government and IMF have agreed on a major economic plan involving an 8.5% GDP fiscal adjustment, the phase-out of fuel subsidies, and a transition toward a market-determined flexible exchange rate.

6 sources. https://clstr.news/cluster/imf-agreement-outlines-major-fiscal-and-monetary-reforms

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Cite as: Zimbabwe-IMF economic program review. CLSTR, https://clstr.news/situations/zimbabwe-imf-economic-program-review