Staff Writer 
ZIMBABWE’S economic reform agenda has continued to gain positive global acclaim and reviews, as Britain and France have agreed to co-chair its debt consultative group (DCG) to overhaul its US$23 billion arrears.
The development comes as authorities remain optimistic about ending the year on a five percent growth rate ― despite threats from an El Niño phenomenon-linked disruption or slowdown.
The International Monetary Fund has approved the country’s first review of its 10-month staff monitored programme (SMP) and World Bank country manager Eneida Fernandes has equally commended Harare’s socio-economic stability.
“France and the United Kingdom have agreed to co-chair the DCG together with the Ministry of Finance … and the Reserve Bank of Zimbabwe, to help operationalise … and maintain coherence across the overall … engagement architecture,” Treasury said in a report earlier this week, adding the co-chairs “will work towards arrears clearance, debt restructuring and coordinating the dialogue process”.
“The aim is to provide a transparent, predictable, and institutionalised platform for engaging creditors; address the complexity of bilateral and plurilateral negotiations; and clarify the sequencing… process, including the critical path from securing the SMP… to an upper credit tranche and comprehensive debt treatment,” it said.
On its part, the IMF recently said: “Completion of the review marks an important step in consolidating… Zimbabwe’s track record of policy implementation in support of arrears clearance, debt restructuring and re-engagement. Programme implementation through end-March was strong, with all quantitative targets, structural benchmarks and most indicative targets met or observed.
“Zimbabwe’s economy has remained resilient despite a more challenging external environment. Growth remained strong in 2025 at 8,3 percent and continued into early 2026, supported by improved agricultural production, robust mining activity, and favourable gold prices,” it said, adding “the outlook remained favourable, as risks are tilted to the downside” amid renewed Middle Eastern strife or disturbances, potential commodity price volatility and other shocks.
And the Bretton Woods institution has urged Zimbabwe to “remain committed to prudent fiscal and monetary policies, strengthening governance, and continue with reforms to entrench macroeconomic stability”.
The IMF’s positive assessment came as Fernandes said: “Zimbabwe’s economy is stronger than it has been in a very long time and I think there has been a lot of … work to improve the business environment, which has seen or resulted in clear agri, manufacturing and mining sector growth as well.”
“This (DCG and IMF sentiment) is an important confidence-building milestone. It signals to creditors that reform commitments are translating into verifiable action. The SMP itself doesn’t unlock financing, but lays a credible foundation for future discussions on arrears clearance and debt resolution,” local economist and commentator Stevenson Dhlamini told The Financial Gazette.
“On the other hand, the five percent target reflects confidence in the reform agenda, but we must be wary about climate risks. The prudent thing to do or approach would be to prepare for contingency measures, while hoping for the upside or a change in circumstances,” he said, adding with “authorities having secured stability, the next biggest task is to achieve inclusive growth by making 99-year leases genuinely bankable, resolving Zimbabwe’s energy deficit and deepening public sector procurement, as governance reforms were a key bridge between long-term stability and investor confidence”.
Persistence Gwanyanya, another economist and monetary policy committee member, said:“With a first quarter growth of 6,8 percent ― against last year’s 4,4 percent ― the five percent growth target is quite achievable and, moreso, with the six point plan or drought mitigation plan or measures announced by the minister. While it is not only important to note that these developments have given renewed confidence in the Zimbabwean economy even by locals, but foreigners too through such initiatives as the DCG.
“And this endorsement by western countries has not only come at a time of single digit inflation, an even more robust growth projection of eight percent, but positive ratings of other key indicators such as budget transparency ― in the 61 percent range ― alongside such countries as South Africa and Benin,” he said.
Meanwhile, Finance minister Mthuli Ncube says the country still expects to “end the year on a stronger reserve and narrower current account deficit of about US$2,7 billion”, which has always enabled the southern African nation to “pay token sums or figures to creditors, as part of its debt reduction strategy”.
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