The International Monetary Fund (IMF) has revised Zimbabwe’s 2025 economic outlook upward, citing a stronger-than-expected recovery driven by robust agricultural output and solid mining sector performance.
The announcement followed a week-long IMF mission to Harare led by Wojciech Maliszewski, which concluded on 5 November.
Maliszewski said the IMF anticipates a more resilient economic trajectory for Zimbabwe in 2025 than previously forecast, supported by easing inflation and a stable foreign exchange rate.
“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,” Maliszewski said.
“The economy is expected to maintain strong momentum in 2026.”
This marks a notable shift from earlier projections, which had been more cautious due to persistent fiscal pressures and inflationary risks.
The improved outlook reflects Zimbabwe’s recent gains in food production and mineral exports, particularly gold and lithium, which have bolstered foreign currency inflows and economic stability.
During the visit, IMF officials held discussions with Finance Minister Mthuli Ncube, Reserve Bank of Zimbabwe governor John Mushayavanhu and other stakeholders.
Talks focused on the 2026 budget framework, with emphasis on aligning expenditures with revenues and avoiding arrears.
The IMF encouraged the adoption of credible revenue projections and stronger expenditure management to enhance fiscal resilience.
The mission also addressed Zimbabwe’s request for a Staff Monitored Programme, which would support reforms aimed at sustaining macroeconomic stability.
“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.”
The IMF’s upgraded forecast is expected to boost investor confidence and support Zimbabwe’s efforts to re-engage with international financial institutions.
JN/APA