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HARARE – Zimbabwe has moved a step closer to restoring relations with international financial institutions after the International Monetary Fund reached a staff-level agreement with the government on the first review of its 10-month Staff-Monitored Programme (SMP), signalling growing confidence in the country’s macroeconomic stabilisation efforts and reform agenda.

The agreement, which remains subject to approval by IMF management, is widely viewed as an important milestone in Zimbabwe’s long-running efforts to normalise relations with international lenders, clear external debt arrears and eventually regain access to concessional financing after more than two decades of financial isolation.

An IMF mission led by Wojciech Maliszewski visited Harare from June 9 to 18 to assess implementation of the programme and hold consultations with government officials, the Reserve Bank of Zimbabwe, and other stakeholders.

Unlike conventional IMF lending programmes, the Staff-Monitored Programme does not provide financial assistance. Instead, it serves as a policy credibility framework under which a country’s economic reforms are monitored against agreed fiscal, monetary and structural benchmarks. Successful implementation is often regarded by international investors and creditors as evidence of policy discipline and institutional commitment, laying the groundwork for future financial support, debt restructuring and broader economic re-engagement.

For Zimbabwe, the agreement carries significance well beyond the programme itself. It represents an external endorsement of the country’s recent macroeconomic reforms at a time when authorities are seeking to restore confidence in the domestic currency, attract foreign investment and strengthen fiscal credibility.

The IMF said implementation of the programme through the end of March had been broadly satisfactory, with Zimbabwe meeting all quantitative performance targets. These included commitments relating to the primary fiscal balance, accumulation of net international reserves, limits on central bank financing of government, restraint on non-concessional external borrowing and growth of the ZiG monetary base.

The Fund noted only one area of underperformance: protected social and priority spending fell short of agreed targets, underscoring the need for more effective budget execution and stronger protection of vulnerable households during the reform process.

The assessment suggests that Zimbabwe has maintained relatively disciplined macroeconomic management despite continuing external uncertainties.

Economic activity has remained resilient following the strong rebound recorded last year. The IMF estimates Zimbabwe’s economy expanded by 8.3% in 2025, driven by improved agricultural output following favourable rainfall, continued expansion in mining production and historically strong international gold prices.

While growth is expected to moderate as the economy normalises, the IMF projects real gross domestic product growth of around 5% in 2026, easing further to approximately 4.2% in 2027 under its baseline outlook.

Although these figures represent slower growth than the previous year, economists note they remain comparatively robust within the Southern African region and indicate that Zimbabwe has largely transitioned from post-drought recovery to more sustainable medium-term expansion.

The Fund also highlighted continued progress in restoring price stability, one of the government’s principal economic objectives following years of monetary instability.

Consumer inflation is projected to average around 5.1% during 2026, reflecting tighter monetary policy, slower expansion of the money supply and greater exchange rate stability despite rising international energy prices and broader global inflationary pressures.

For Zimbabwe, where inflation and currency volatility have historically undermined business confidence and long-term investment planning, sustained low inflation represents an important institutional achievement.

The relative stability of the ZiG, introduced as part of Zimbabwe’s latest monetary reforms, has become one of the central indicators closely monitored by both domestic businesses and international financial institutions.

Economists argue that maintaining confidence in the local currency will require continued fiscal discipline, accumulation of foreign exchange reserves and consistent monetary policy implementation rather than reliance on administrative interventions.

The IMF’s positive assessment is therefore likely to strengthen confidence in Zimbabwe’s ongoing currency reform strategy while providing additional credibility to the authorities’ broader objective of eventually restoring a stable mono-currency system.

Fiscal policy also received favourable assessment.

The IMF noted that government revenue collection exceeded expectations during the first quarter, while expenditure remained broadly aligned with the approved national budget. The authorities were commended for their commitment to saving surplus revenues rather than increasing discretionary spending, thereby creating fiscal buffers that could be deployed should food security pressures emerge during the 2027 agricultural season.

Such fiscal restraint represents a significant departure from previous periods when expenditure overruns and quasi-fiscal operations frequently undermined macroeconomic stability.

Analysts say sustained fiscal discipline will remain essential if Zimbabwe is to strengthen investor confidence, preserve monetary stability and rebuild credibility with international creditors.

Despite the encouraging progress, the IMF cautioned that substantial risks remain.

Among the principal downside threats identified were the possibility of another El Niño weather event affecting agricultural production, together with continued geopolitical uncertainty stemming from conflict in the Middle East, which could disrupt global energy markets, increase imported inflation and weaken external demand.

Should adverse weather conditions significantly reduce agricultural output, economic growth could slow to between 2% and 3%, according to the IMF’s downside scenario.

Zimbabwe’s dependence on agriculture continues to expose the economy to climatic variability despite ongoing efforts to diversify through mining, manufacturing and services.

Nevertheless, the country’s external position remains comparatively favourable.

The IMF expects Zimbabwe to continue recording a current account surplus, supported by strong mineral exports, agricultural earnings and resilient diaspora remittance inflows, which remain among the country’s largest sources of foreign currency.

Gold exports, together with growing lithium production, continue to underpin foreign exchange receipts, while remittances provide important support to household consumption and domestic demand.

For financial markets, however, the greatest significance of the staff-level agreement lies in its implications for Zimbabwe’s international financial reintegration.

Successful completion of the Staff-Monitored Programme is widely regarded as an essential precursor to eventual arrears clearance with multilateral creditors, including the IMF, the World Bank and the African Development Bank.

Progress under the programme could also strengthen Zimbabwe’s case for future concessional financing and improve perceptions among international investors considering long-term investments in mining, infrastructure, manufacturing and financial services.

While the programme does not itself unlock new funding, it serves as an important signal that Zimbabwe’s economic policies are increasingly aligning with internationally recognised standards of macroeconomic management.

The challenge now facing policymakers is sustaining reform momentum beyond programme implementation.

Maintaining currency stability, strengthening institutional credibility, broadening the tax base, improving public expenditure efficiency and accelerating structural reforms will determine whether recent macroeconomic gains evolve into durable long-term economic transformation.

The IMF’s latest assessment suggests Zimbabwe has made meaningful progress towards restoring macroeconomic stability. The more difficult task now lies in translating that stability into sustained investment, higher productivity, stronger industrial growth and lasting improvements in living standards.

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The End of Constitutional Politics and the Beginning of Governance: The enactment of the Constitutional Amendment Bill marks the conclusion of one of the most consequential periods of constitutional politics in Zimbabwe since the adoption of the 2013 Constitution.

By Brighton Musonza

Whether the amendments are viewed as institutional refinement or political consolidation is now largely a matter for historians and constitutional scholars. The political contest surrounding the legislation has effectively ended. The constitutional order has been altered, and the state’s governing architecture has entered a new phase.

This transition presents President Emmerson Mnangagwa with a unique opportunity rarely afforded to African leaders. Assuming this is indeed his final constitutional term, he occupies a political position that is comparatively insulated from the electoral calculations that often dominate executive decision-making. Political science literature frequently describes this as the “last-term presidency” or the “lame-duck paradox”: a period in which a leader, no longer constrained by the pursuit of re-election, has greater latitude to undertake difficult but necessary structural reforms whose benefits may only materialise after leaving office.

History demonstrates that leaders are seldom remembered principally for constitutional amendments. Rather, they are judged by whether they transformed the economic institutions of the state, strengthened governance and left behind durable foundations for national development. If President Mnangagwa seeks a legacy that transcends the immediate controversies surrounding constitutional reform, the remainder of his presidency should be devoted to building a developmental state.

Moving Beyond Political Consolidation

Zimbabwe has spent much of the past two decades consumed by constitutional disputes, electoral competition and questions surrounding political legitimacy. While these debates are fundamental to democratic governance, they have often crowded out equally important discussions concerning state capacity, economic institutions and long-term development strategy.

Successful states eventually transition from politics centred on the acquisition of power to politics focused on the effective exercise of power. Constitutional engineering, while important, cannot substitute for competent governance. Once political authority has been consolidated, legitimacy increasingly derives from economic performance, institutional effectiveness and improvements in citizens’ living standards.

Political legitimacy is dynamic rather than static. Electoral victories and constitutional reforms may confer legal authority, but durable legitimacy ultimately depends upon the state’s ability to deliver public goods, create employment, maintain macroeconomic stability and foster inclusive economic growth.

The Developmental State as Zimbabwe’s Next Political Project

Comparative political economy offers numerous examples of governments that shifted their focus from political contestation towards national development. The experiences of East Asian developmental states illustrate that sustained economic transformation requires governments capable of coordinating industrial policy, mobilising capital, investing in infrastructure and fostering productive relationships between the state and the private sector.

Zimbabwe possesses many of the structural characteristics necessary to pursue a developmental state model. It has abundant mineral resources, fertile agricultural land, a relatively educated labour force and strategic geographic access to regional markets. The principal constraint has not been resource scarcity but institutional weakness and policy inconsistency.

The central challenge, therefore, is no longer whether Zimbabwe possesses economic potential, but whether its institutions can effectively organise that potential into sustained development.

Monetary Reform and the Restoration of Market Confidence

Perhaps no issue has shaped Zimbabwe’s political economy more profoundly than the prolonged instability of its monetary system.

Over the past two decades, successive currency reforms have produced a fragmented monetary environment characterised by multiple currencies, parallel exchange rates and competing financial systems. Such fragmentation undermines one of the state’s most fundamental economic functions: providing a stable unit of account through which markets can allocate resources efficiently.

Economic development requires predictability. Manufacturers planning investments over twenty-year horizons cannot operate effectively in an environment where the future currency regime remains uncertain. Pension funds, insurance companies, exporters and infrastructure investors all require confidence that monetary institutions will preserve value over time.

A credible transition towards a stable single currency should therefore become a strategic national objective. Importantly, this transition cannot be achieved through legislative instruments alone. It requires fiscal discipline, central bank independence, reserve accumulation, transparent communication and the gradual restoration of public trust. Monetary credibility is ultimately an institutional achievement rather than an administrative decree.

Rebuilding Development Finance and Industrial Capital

Zimbabwe’s banking system has become increasingly oriented towards short-term commercial lending and transactional finance. Yet industrialisation has historically depended upon patient capital.

Development economics consistently demonstrates that successful industrial economies established specialised financial institutions capable of financing long-term productive investment. Germany’s reconstruction relied upon KfW. Japan developed through institutions such as the Japan Development Bank. South Korea’s industrial expansion was supported by state-directed development finance.

Zimbabwe requires a comparable institutional architecture.

A modern development finance institution should prioritise manufacturing, export industries, technological innovation, agricultural value addition and infrastructure. Rather than financing consumption, it should mobilise long-term capital for productive investment capable of expanding the country’s industrial base.

Without such institutions, industrial policy remains aspirational rather than operational.

Formalising the Economy Through Market Institutions

One of Zimbabwe’s most significant structural challenges is the continuing expansion of informality.

Informal markets undoubtedly provide livelihoods for millions of citizens. However, from an institutional perspective, highly informal economies weaken the state’s capacity to implement coherent macroeconomic policy. Informal markets complicate tax administration, reduce statistical accuracy, undermine monetary transmission mechanisms and weaken organised supply chains.

The objective should therefore not be to eliminate informal enterprise but to create incentives for gradual formalisation.

This requires reducing compliance costs, improving access to finance, simplifying business registration and strengthening institutions that make formal participation commercially advantageous.

Formalisation should be understood as an economic development strategy rather than simply a regulatory exercise.

Revitalising the Rural Political Economy

No comprehensive national development strategy can succeed while neglecting Zimbabwe’s communal areas.

Rural development remains central to both economic transformation and political stability. Communal agriculture continues to support millions of households yet remains characterised by low productivity, limited infrastructure and uncertain land administration.

Greater institutional clarity surrounding communal land governance would significantly improve investment incentives. While preserving communal ownership structures, reforms should reduce administrative uncertainty surrounding local land allocation and strengthen tenure security.

Investment in irrigation, mechanisation, storage facilities, agricultural extension services and rural transport infrastructure would transform communal agriculture from a subsistence sector into a commercially integrated component of Zimbabwe’s broader economy.

Such reforms would reduce rural poverty while strengthening national food security and domestic demand.

Urban Governance and the Reconstruction of State Capacity

Zimbabwe’s cities increasingly require coordinated national intervention.

Urban infrastructure has deteriorated through decades of underinvestment, placing considerable pressure on water systems, roads, sanitation, waste management and public transport.

Rather than viewing municipalities as isolated administrative entities, central government should regard urban infrastructure as a national economic asset.

Modern cities require modern governance systems. Enterprise Resource Planning (ERP) platforms should become standard across local authorities to improve financial management, procurement transparency, asset administration and service delivery.

Digital municipal governance represents not merely administrative modernisation but institutional strengthening.

Law, Order and the Political Economy of Investment

Political science consistently identifies institutional certainty as a prerequisite for sustained economic growth.

Investors commit capital where contracts are enforceable, regulations are predictable and legal institutions are impartial.

Strengthening the rule of law therefore serves both democratic governance and economic development.

Equally important is public order. Economic activity flourishes where businesses, workers and consumers operate within stable, predictable environments governed by consistent legal rules rather than discretionary administrative authority.

Institutional trust constitutes one of the most valuable forms of national capital.

Cultivating a Politics of Consensus Rather Than Permanent Contestation

Zimbabwe’s political system would benefit from a transition away from permanent electoral mobilisation towards institutional politics.

Competitive democracies require robust opposition parties capable of developing alternative policy platforms without being perceived as existential threats to national stability.

A mature political system allows governing parties to govern while permitting opposition parties to organise, critique and compete peacefully.

The role of the state should not be to eliminate political competition but to guarantee the constitutional conditions under which competition remains peaceful, credible and policy-oriented.

Such an environment encourages ideological contestation rather than personalised political conflict.

The Moral Economy of Leadership

Economic transformation also requires a change in political culture.

Development is not produced solely through budgets, investment strategies or monetary reforms. It also depends upon public trust, social cohesion and ethical leadership.

Political leadership that promotes civility, mutual respect, national reconciliation and institutional restraint creates conditions under which markets operate more efficiently and societies become more resilient.

A developmental state ultimately rests upon both economic competence and political maturity.

Conclusion: Legacy Beyond Constitutional Reform

The constitutional debates that have dominated Zimbabwean politics are now entering history. Their significance will continue to be debated by constitutional lawyers, historians and political scientists for decades.

Yet history is unlikely to judge this presidency primarily through the lens of constitutional amendments.

Its enduring assessment will depend upon whether Zimbabwe succeeds in restoring monetary stability, rebuilding industrial capacity, modernising public institutions, revitalising communal agriculture, strengthening urban governance and cultivating a political culture capable of balancing competition with national cohesion.

If President Mnangagwa wishes to secure a statesman’s legacy rather than merely a political one, the path now lies beyond constitutional reform. It lies in constructing the institutional foundations of a developmental state—one characterised by credible markets, capable public institutions, productive investment, inclusive growth and democratic stability.

Constitutions define the rules of the political game. Developmental states determine whether nations prosper within them.

The post From Constitutional Consolidation to Developmental Statecraft: Reframing Zimbabwe’s Post-CAB3 Political Economy appeared first on The Zimbabwe Mail.

HARARE – Etihad Airways and Fastjet Zimbabwe have entered into a strategic partnership that will allow passengers to travel seamlessly between the two airlines’ networks, strengthening Zimbabwe’s international air connectivity and supporting the country’s tourism and business sectors.

The agreement, signed in Harare on Tuesday, provides for an interline partnership, a future codeshare arrangement and collaboration on frequent flyer programmes. According to Zimbabwe’s state-owned newspaper, The Herald, the partnership will enable travellers to book connecting flights across both airlines on a single ticket, simplifying travel between Zimbabwe and destinations across Etihad’s global network.

Ticket sales under the new arrangement are expected to begin on 24 August, while the partnership is designed to complement Etihad Airways’ planned launch of direct flights between Abu Dhabi and Harare, scheduled to commence on 24 March next year.

Once operational, passengers arriving in Harare on Etihad services will be able to connect directly onto Fastjet-operated flights to Bulawayo, Victoria Falls and Johannesburg using a single booking, eliminating the need for separate tickets and baggage arrangements.

The partnership also gives Fastjet customers access to Etihad’s extensive international route network spanning the Middle East, Europe, Asia and other global destinations through its Abu Dhabi hub.

The development comes as Zimbabwe seeks to strengthen international air links as part of broader efforts to stimulate tourism, trade and foreign investment. Improved aviation connectivity is widely regarded as a critical component of economic development, facilitating business travel, increasing tourist arrivals and integrating domestic markets with international supply chains.

According to The Herald, Fastjet passengers transiting through Abu Dhabi will also be eligible to benefit from Etihad’s stopover programme, allowing travellers to explore the Emirati capital before continuing to their final destinations.

The collaboration extends beyond passenger connectivity. Fastjet Zimbabwe is expected to become the 32nd airline partner in Etihad Guest, the airline’s global loyalty programme, creating opportunities for reciprocal frequent flyer benefits as the relationship develops.

Etihad Airways Chief Revenue and Commercial Officer Arik De said the agreement formed part of the carrier’s broader strategy to expand its African footprint.

“Africa is an important part of Etihad’s growth, and partnerships like this one with Fastjet Zimbabwe are how we extend our reach and open up more of the continent for our guests,” he said, according to The Herald.

“From Harare to Victoria Falls, travellers can now plan their journey across Zimbabwe on a single ticket, and we look forward to building on this cooperation.”

Fastjet Zimbabwe Business Chief Executive Officer and Country Head Donahue Cortes described the agreement as the foundation of a long-term commercial relationship between the two airlines.

“This marks the beginning of what we believe will be a significant partnership,” Cortes said.

“We are delighted to be working alongside Etihad Airways, one of the world’s leading airlines, exploring opportunities to improve connectivity, broaden travel options for our customers and further strengthen Zimbabwe’s links with key international markets.”

Fastjet Zimbabwe Chief Commercial Officer Vivian Ruwuya said the partnership would significantly expand international travel opportunities for Zimbabwean passengers.

“This partnership opens up the world for our customers in Zimbabwe. From Harare, travellers can now connect onto Etihad’s global network and reach Abu Dhabi and destinations across the Middle East, Asia, Europe and beyond, all on a single ticket,” she said.

Industry analysts say strategic airline partnerships have become increasingly important as carriers seek to expand route networks without incurring the costs of launching new services independently. Interline and codeshare agreements enable airlines to broaden their market reach, improve aircraft utilisation and offer passengers more convenient travel options through integrated ticketing and baggage handling systems.

For Zimbabwe, the agreement represents another step towards rebuilding international aviation connectivity following years of constrained capacity. Enhanced links with one of the world’s fastest-growing aviation hubs are expected to strengthen the country’s competitiveness as a destination for tourism, investment and regional commerce while providing local travellers with more efficient access to global markets.

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The Mozambican Government forecasts an average economic growth of 4.9% starting in 2027, driven by Liquefied Natural Guide (LNG) megaprojects, reaching 9.5% in 2029 with the entry into production of new operational units. The forecast is contained in the Medium-Term Fiscal Scenario 2027–2029, approved Tuesday by the Council of Ministers, which will serve as the basis for drafting the Economic and Social Plan and State Budget (PESOE) for 2027, the spokesperson for the meeting explained at its conclusion in Maputo.

Inocêncio Impissa added that the document constitutes “the State’s primary instrument for macro-fiscal and budgetary programming,” establishing “the fiscal strategy, macro-economic and fiscal projections, and global expenditure ceilings for a three-year horizon.”

According to the official, it allows for the “anchoring of preparations” for the PESOE, “reinforcing discipline, predictability, and transparency in public financial management.”

“The medium-term fiscal scenario 2027–2029 establishes a prudent, realistic, and executable fiscal framework oriented toward macroeconomic stability and the sustainability of public finances,” he stated.

Impissa said that the Government expects “a gradual recovery of economic activity within a context still marked by external challenges, including restrictive financial conditions, commodity price volatility, and climate risks.”

“In the baseline scenario, real GDP [Gross Domestic Product] is expected to grow by an average of around 4.9% per year with gas and 2.1% without gas, potentially reaching 9.5% in 2029 with the entry into production of liquefied natural gas projects,” he declared.

Mozambique has three approved development megaprojects for exploring the LNG reserves of the Rovuma Basin—classified among the largest in the world—off the coast of Cabo Delgado. These include the TotalEnergies project, which is resuming, and another by ExxonMobil (18 million tons per year (mtpa), valued at 30 billion dollars (26.1 billion euros)) awaiting a final investment decision, both located on the Afungi Peninsula.

Added to these is Italy’s Eni, which has been producing around seven mtpa since 2022 from the Coral Sul floating platform. This operations ledger will be doubled starting in 2028 with a second platform, Coral Norte, representing an investment of 7.2 billion dollars (6.2 billion euros), alongside plans for a third unit.

The Government document also projects a gradual reduction in inflation, which is expected to fall from 8.7% in 2026 to around 5.5% in 2029.

“From a fiscal standpoint, the approved scenario reflects the Government’s commitment to the gradual consolidation of public finances,” the spokesperson stated.

To achieve this, the administration will reinforce “the mobilization of internal revenues, the improvement of public expenditure efficiency, and the containment of structural pressures, with a particular emphasis on the wage bill and debt service charges.”

“The Government will continue to prioritize selective and phased public investment oriented toward strategic sectors such as infrastructure, agriculture, energy, human capital, and the structural transformation of the economy,” he declared.

The executive also points to a gradual decrease in the weight of public debt within the economy: “It predicts the stabilization and gradual reduction of public debt, which is expected to decrease from 72.2% of GDP in 2025 to 67.1% in 2029.”

“Debt service should also reduce significantly, reflecting a more prudent management with the lengthening of maturities, greater recourse to concessional financing, and a reduction in exposure to short-term instruments,” he added.

The Government recognizes, however, the existence of “internal and external” risks that could compromise the execution of projections, “including climate shocks, security concerns, public spending rigidity, international market volatility, and global financial conditions.”

Even so, he added, “the Government will continue to monitor these risks and adopt the necessary measures to preserve the stability of public finances.”

With the approval of the document, the foundations for preparing next year’s budget are now defined, Impissa concluded.

Source: Lusa

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HARARE – Edgars Stores Zimbabwe has issued a cautionary statement advising shareholders that it is evaluating a transaction which could have a material impact on the value of its securities, prompting investors to exercise caution while trading the company’s shares.

According to Equity Axis News, the Victoria Falls Stock Exchange-listed retailer informed the market that its board is considering a price-sensitive corporate transaction but has not yet disclosed the nature of the proposed deal.

The company said further information would only be released after board deliberations had been concluded and all applicable regulatory requirements had been satisfied.

The announcement places Edgars among a growing number of listed companies that have issued cautionary notices while pursuing strategic corporate actions that could materially influence shareholder value.

Although the retailer has not indicated whether the transaction involves an acquisition, disposal, capital raising, strategic partnership, corporate restructuring or a change in ownership, market analysts note that cautionary statements are intended to ensure all investors receive material information simultaneously, thereby preserving fairness and market integrity.

Under Zimbabwe’s listing rules, companies are required to notify the market when confidential negotiations or board deliberations reach a stage where unpublished information could reasonably affect investment decisions or influence the market price of their securities.

According to Equity Axis News, the absence of specific details means investors are currently unable to determine whether the proposed transaction is intended to strengthen the group’s balance sheet, support expansion, improve liquidity or reposition the business strategically.

The development comes as Zimbabwe’s formal retail sector continues to operate under difficult trading conditions characterised by subdued consumer spending, constrained liquidity and increasing competition from informal retailers, which have steadily eroded market share from established formal businesses.

Against this backdrop, corporate restructuring and strategic transactions have become increasingly important tools for retailers seeking to strengthen financial resilience, improve operational efficiency and adapt to changing consumer behaviour.

Market observers say the significance of the announcement lies less in the issuance of the cautionary itself than in the transaction that ultimately emerges. Once details are disclosed, investors will be looking closely at whether the proposed deal alters Edgars’ capital structure, introduces new strategic investors, affects ownership, or signals a broader shift in the company’s long-term business strategy.

Analysts also expect shareholders to assess how any transaction would affect the retailer’s financial position, future earnings prospects and competitive standing within Zimbabwe’s evolving retail landscape.

Until the company releases additional information, the cautionary effectively places investors on notice that material non-public information exists and that trading decisions should be made with appropriate care.

For now, the market’s attention will remain focused on Edgars’ next announcement, which is expected to provide greater clarity on the strategic direction of one of Zimbabwe’s leading apparel retailers and the implications for shareholders.

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