ZIMBABWE has secured a staff-level agreement with the International Monetary Fund (IMF) on a crucial Staff Monitored Programme (SMP).
The development marks a significant milestone in the country’s path to economic stabilisation and debt resolution. This deal comes as part of Zimbabwe’s broader effort to rebuild trust in its economic policies and set the stage for future financial support from global institutions.
Speaking at a joint press conference Friday, Finance Minister Prof Mthuli Ncube said the proposed 10-month SMP is more than just a policy framework—it’s a vital building block in Zimbabwe’s journey towards clearing its international arrears and restructuring its national debt.
“The SMP is about laying the groundwork for a reliable track record that will enhance confidence in our reforms and pave the way for future funding,” Ncube said, emphasizing that the agreement does not guarantee immediate financial assistance but rather opens the door to long-term stability.
The agreement, which Zimbabwe officially requested from the IMF in 2023, arrives at a critical moment for the nation.
Ncube pointed to the country’s recent economic successes, including achieving single-digit inflation for the first time in nearly three decades and a stable national currency, as evidence that Zimbabwe is on the right trajectory.
The country is also seeing strong growth forecasts for 2025, positioning it well to advance its economic reform agenda.
According to the IMF, the programme is designed to consolidate these gains by helping Zimbabwe entrench macroeconomic stability, boost policy credibility, and support broader efforts to clear arrears and restructure its external debt.
While the agreement is a step forward, the IMF cautioned that the deal still requires final approval from its management before becoming official.
Zimbabwe’s collaboration with the IMF is seen as a key moment in the country’s broader re-engagement with international financial institutions. While there’s still a long road ahead, this agreement signals a renewed commitment to transparent reforms and a more stable economic future.
