Zimbabwe has signed a Staff-Monitored Programme (SMP) with the International Monetary Fund (IMF), marking a key step toward re-engagement with international creditors and potential access to future financing, the government announced on Friday.
George Guvamatanga, permanent secretary at the Ministry of Finance and Economic Development, said the informal programme is designed to support the country’s ongoing fiscal and monetary reforms while rebuilding policy credibility with international partners.
The SMP will run for ten months and is expected to begin next month, subject to the completion of all required formalities. Under the arrangement, Zimbabwe will implement a set of agreed economic policies that will be monitored by IMF staff, although the programme does not involve direct financial support.
Authorities say the initiative will focus on strengthening fiscal discipline, improving public financial management, curbing inflationary pressures, stabilising the exchange rate, and reinforcing the independence of monetary policy. The government also aims to enhance transparency in public finances and restore confidence in the local currency.
The agreement comes as Zimbabwe seeks to normalise relations with multilateral lenders after years of economic instability, high inflation, and limited access to external financing due to arrears with international creditors.
Officials view the SMP as a confidence-building measure that could pave the way for a future IMF-supported financing programme, provided reforms are implemented successfully and macroeconomic stability improves.
The IMF has previously stressed that sustained policy consistency, stronger institutions, and progress on debt resolution will be critical for Zimbabwe’s full re-engagement with the international financial system.
