Zimbabwe’s ongoing economic reform programme has received a key endorsement after the International Monetary Fund (IMF) confirmed that the Reserve Bank of Zimbabwe (RBZ) met all its quantitative performance targets for the first quarter of 2026.

The IMF carried out its first Staff-Monitored Programme (SMP) review mission in June, focusing on performance up to the end of March.

The review found that the central bank had met all the agreed quantitative targets, while considerable progress had also been made on the structural benchmarks.

“The Reserve Bank satisfactorily met all the agreed quantitative targets and structural benchmarks under the first SMP Review Mission completed for March 31, 2026. The specific quantitative targets under the purview of the Reserve Bank included reserve money, net international reserves and zero lending to government,” the RBZ Governor Dr John Mushayavanhu said in the latest Monetary Policy Statement.

The positive assessment comes as Zimbabwe continues efforts to keep its economic policies on track and strengthen stability in the financial sector.

Under the SMP, Zimbabwe’s performance is assessed against a set of agreed economic targets and policy reforms.

While the programme does not provide financial assistance, it gives the authorities a framework through which progress on economic reforms can be monitored.

The first-quarter assessment means the focus now moves to the second review, covering the three months to the end of June.

The second IMF SMP review mission is scheduled for September, with the RBZ’s internal assessment indicating that performance against the programme targets remains broadly on course.

For the central bank, maintaining this momentum will be important as it works to preserve monetary stability and support confidence in the financial system.

The September review will provide a fresh assessment of whether the progress recorded in the first quarter was sustained through the second quarter and whether outstanding structural reforms have moved forward as expected.

The outcome will also be closely followed by the business community and investors, given the importance of policy consistency and economic stability to investment and business planning.

Zimbabwe has been working to strengthen economic policy credibility amid efforts to contain inflation, maintain exchange-rate stability and improve overall macroeconomic management.

The successful completion of the first review, coupled with the RBZ’s expectation of meeting the second-quarter targets, provides some encouragement that the authorities are maintaining the reform path agreed under the SMP.

However, the September review will ultimately determine whether the second-quarter commitments were achieved and how much further progress has been made on the outstanding structural measures.