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The International Monetary Fund (IMF) has commended Zimbabwe for a stronger-than-expected economic rebound in 2025, explicitly highlighting the mining sector’s “solid performance” as a key driver of this growth, Mining Zimbabwe can report.
By Rudairo Mapuranga
The endorsement came from an IMF staff team led by Mr. Wojciech Maliszewski, which concluded a visit to Harare from October 29 to November 5, 2025. In an end-of-mission press release, the team pointed to a recovery in agriculture, a stable foreign exchange rate, and a significant easing of inflation as other critical factors behind the positive economic momentum, which is expected to continue into 2026.
The statement provides a vote of confidence for the country’s key extractive industry, noting that the “solid performances in mining” have been instrumental in the overall recovery.
During the visit, the IMF team held productive discussions with authorities, including the Minister of Finance, Economic Development and Investment Promotion, Hon. Mthuli Ncube, and the Governor of the Reserve Bank of Zimbabwe, Dr. John Mushayavanhu.
A central theme of the talks was the critical importance of reinforcing fiscal discipline in the upcoming 2026 national budget. The IMF emphasised the need to align government expenditures with revenues and sustainable financing sources to preserve the recent economic gains.
“Discussions in Harare focused on enhancing fiscal discipline in the 2026 budget framework by aligning expenditures with revenues and available non-inflationary financing sources, while avoiding the accumulation of expenditure arrears,” Mr Maliszewski stated.
For the mining sector, which is a major contributor to government revenues, this underscores the importance of a predictable and stable fiscal environment. The IMF recommended “adopting credible revenue projections supported by concrete policy and administrative tax measures for 2026,” a move that would directly impact how the sector is taxed and regulated.
The IMF mission is part of the groundwork for a potential Staff-Monitored Program (SMP). The Fund’s staff indicated they are ready to resume formal discussions on such a program once there is further progress on key policy issues, including the finalisation of a 2026 budget that aligns with the “objective of sustaining macroeconomic stability.”
This call for fiscal prudence signals to investors in the mining sector and beyond that the authorities are being encouraged to consolidate the current stability, creating a more attractive and less inflationary environment for future investment and growth.
