Online Reporter
Africa Moyo
Deputy National Editor
The African Development Bank Group has announced the approval of a US$4 million grant to support Zimbabwe’s debt arrears clearance and re-engagement process with the international financial community.
The funding will finance the Zimbabwe Arrears Clearance Dialogue Enhancement Project (ZACDEP), which is designed to strengthen dialogue and support reforms required to advance the country’s arrears clearance efforts.
Zimbabwe has intensified efforts to normalise relations with international lenders and creditors as part of a broader strategy to unlock new financing, attract investment and stimulate economic growth.
As of the end of last year, the country’s public debt stood at approximately US$21,5 billion. Of this amount, US$11,7 billion is external debt, with nearly US$7,7 billion owed to multilateral and bilateral creditors.
