Vusumuzi Dube
Nqobile Bhebhe, Zimpapers Business Hub
The Southern African Development Community (SADC) has stressed that Zimbabwe’s economic recovery is vital to regional stability, economic integration, and sustainable development.
The regional body has urged the international community to expand its support for Zimbabwe’s debt resolution efforts.
In a brief statement issued Monday, the regional body said SADC Executive Secretary Mr Elias Magosi expressed full support for Zimbabwe’s ongoing arrears clearance and debt resolution process.
“On the margins of the IMF and World Bank 2025 Spring Meetings, the SADC Executive Secretary Elias Magosi today, 21 April 2025, participated in Zimbabwe’s arrears clearance and debt resolution process briefing and advocated for expanded international support, adding that Zimbabwe’s economic recovery is critical to the Southern African Development Community’s regional stability, economic integration and sustainable development,” SADC said.
Mr Magosi is engaging global partners during his participation in the International Monetary Fund (IMF) and World Bank Spring Meetings in Washington, D.C., USA, from 21 to 26 April 2025.
The SADC Executive Secretary’s presence at the global platform where pressing development issues are discussed underscores SADC’s commitment to fostering international cooperation and strategic engagement.
Zimbabwe, for its part, has long reaffirmed its commitment to implementing the wide-ranging reforms underpinning the debt resolution framework.
Authorities have pledged to continue working with key stakeholders toward a viable, sustainable solution to the country’s debt burden.
Unlocking access to fresh international financing hinges on successfully clearing arrears and resolving longstanding debt issues.
Zimbabwe’s constrained access to affordable, long-term financing has undermined its efforts to stabilize the domestic currency and fund critical development programs.
Currently, Zimbabwe’s sovereign debt stands at US$21 billion.
A significant portion of this, particularly external debt, is in arrears effectively barring the country from accessing concessional loans from key institutions such as the World Bank and the African Development Bank (AfDB).
In a major step toward resolution, President Emmerson Mnangagwa in 2022 appointed AfDB President Dr Akinwumi Adesina as the Champion of the debt clearance process.
Former Mozambican President Joaquim Chissano was named High-Level Facilitator of the process, underscoring the importance of coordinated, high-level engagement in resolving Zimbabwe’s debt crisis.
Online Reporter