Online Reporter
Africa Moyo
Deputy National Editor
A HIGH-LEVEL side event has been organised to advance Zimbabwe’s arrears clearance and debt resolution process at the African Development Bank Group (AfDB) annual meetings that run from Monday to Friday next week in Abidjan, Côte d’Ivoire.
The side event is being organised by the AfDB in collaboration with the Government and is set for Monday from 1pm to 2:30pm.
In a statement yesterday, the AfDB said: “The event will focus on mobilising financial support for Zimbabwe’s arrears clearance efforts.
“Key stakeholders, including the Bank’s shareholders, potential champion countries for bridge financing, and representatives of compensated former farm owners, will play a central role in this critical initiative.”
The Davos-style panel will feature high-level dignitaries, including AfDB president Dr Akinwumi Adesina, who is the champion of Zimbabwe’s arrears clearance process, former Mozambique President Joaquim Chissano as the high-level facilitator of the process, and Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube.
Other notable participants include executive director for Zimbabwe at the AfDB Dr Luis Ngimbi, Ambassadors Jobst von Kirchmann of the European Union and Stéphane Rey of Switzerland, IMF country representative Mr Carlos Caceres, and a representative of former farm owners Mr Andrew Pascoe.
The AfDB has provided US$4,2 million to facilitate and support the structured dialogue process. It is also financing technical and legal advisors to help develop a comprehensive roadmap for the debt resolution process.
In February 2022, President Mnangagwa appointed Dr Adesina to lead the arrears clearance process and invited former President Chissano to facilitate dialogue with creditors on political and democratic governance issues.
At a roundtable on the sidelines of the IMF and World Bank Group Spring Meetings last month in Washington, D.C., the United States, international organisations, creditors, and stakeholders unanimously acknowledged the significant progress achieved through two years of structured dialogue. But they also highlighted some challenges that remain.
This is not the first side event to advance Zimbabwe’s arrears clearance and debt resolution process at the AfDB annual meetings.
In 2023, a highly subscribed event was held in Sharm El-Sheikh, Egypt, and was attended by President Mnangagwa, former President Chissano, Dr Adesina, Prof Ncube and creditors, among other key stakeholders.
As of last year, Zimbabwe’s public debt and arrears amounted to US$21 billion made up of US$13 billion external debt and US$8 billion domestic debt.
Addressing the 6th Structured Dialogue of the process on November 25 in Harare last year, President Mnangagwa expressed support for the IMF programme and called for financial intervention to protect vulnerable groups.
“In this regard, the protection of the vulnerable groups, through effective social protection programmes is of critical importance to my Government,” he said.
