Revenue performance provides room for savingsZimbabwe recorded a US$371 million primary cash surplus during the first quarter, significantly outperforming the IMF programme target by approximately US$320 million. Rather than translating the stronger revenue performance into additional spending, the Fund is urging authorities to preserve part of the windfall. IMF flags social spending shortfallWhile praising Zimbabwe’s overall fiscal performance, the IMF raised concerns about the execution of protected social and priority spending. These include limiting gold incentives to US$300 million in 2026, accelerating the clearance of domestic arrears and maintaining tight monetary policy. For Treasury, the proposed US$275 million reserve could therefore become an important test of fiscal discipline.