Prisca Tshuma, Staff Writer 
ZIMBABWE’S current account surplus, at nearly 3,8 percent of gross domestic product (GDP), is expected to persist throughout much of this year, the International Monetary Fund (IMF) has said.
This comes as the Bretton Woods institution has commended Harare’s macroeconomic stability marked by single-digit inflation, a good cash management system and five percent growth for 2026 as buoyed by agriculture and mining, ahead of the recently-agreed 10-month staff monitored programme (SMP) to consolidate recent stabilisation measures adopted by the southern African country.
“Economic recovery continues, supported by tight monetary policy, improving fiscal discipline, and favourable external conditions.
“Growth strengthened in 2025, surpassing the initial… of 6,6 percent… boosted by high gold prices, recovering platinum and lithium output. Inflation fell to 4,1 percent… aided by exchange rate stability and tight monetary conditions.
“Fiscal revenues also strengthened in 2025, supported by improved tax administration and new measures, narrowing the deficit and producing a small primary surplus,” the IMF said in a statement last week, adding this was “in line with the national development strategy two”.
“The current account is projected to remain in surplus at about 3,8 percent of GDP, while the primary fiscal balance is expected to register a surplus of about half a percent of GDP.
“Building on this progress, continued efforts will… deepen confidence in the ZiG, enhance the… rebuilding of reserves, reinforce policy and institutional foundations for durable, and broad-based growth,” it said.
With gross output pegged at US$52 billion, Finance ministry officials have also said tax revenues or collections have grown at a rate of 18 percent and IMF mission head Wojciech Maliszewski says recent discussions with the Zimbabwean authorities had focused on reforms to further strengthen policy credibility, advance the country’s broader re-engagement efforts towards arrears clearance as well as debt restructuring.
The SMP, he said, was expected to consolidate recent stabilisation gains, strengthen fiscal and monetary frameworks, and support authorities’ “commitment to prudent budget execution and sound expenditure control”.
“In line with the 2026 budget, expenditure based on a conservative revenue outlook and that is aligned with available resources and avoiding the accumulation of new domestic debt, enhances fiscal discipline as well as transparency through regular disclosures and clearer institutional responsibilities.”
“Improving cash planning and public financial management is another important element… The authorities will enhance institutional arrangements for… improving short-term liquidity forecasting to support more predictable and credible budget execution.
“Over time, broader public financial management reforms — including upgrades to budget controls and steps toward a Treasury Single Account — will help strengthen the efficiency, transparency, and discipline of public spending,” he said.
The programme, the IMF said, will support efforts to maintain low and stable inflation, including measures to promote demand for the ZiG, and improve foreign exchange market efficiency.
The SMP is intended to establish a credible track record that supports authorities’ broader strategy to access external concessional financing, and continued progress on reforms would help lay the groundwork for more substantive discussions with international partners on debt restructuring modalities in the near term, it said.
Under the programme, institutions such as Mutapa Investment Fund are also expected to publish audited accounts, as part of measures to increase accountability, reduce fiscal risks and strengthen governance issues.
“In addition, the program supports the authorities’ efforts to strengthen social protection.
“As part of this, the Zimbabwe Social Registry will be fully operationalised to… help ensure that support reaches households most in need.”
