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Herald Reporter
Zimbabwe has concluded a fourth structured dialogue platform meeting on debt clearance with creditors and development partners.
Government and development partners met on May 11, to review three draft policy reform matrices prepared by sector working groups on economic, governance and land tenure reforms.
They also looked at compensation of former farm owners, and the resolution of Bilateral Investment Promotion and Protection Agreements (BIPPAs).
In his remarks, Finance and Economic Development Minister, Professor Mthuli Ncube assured participants of Zimbabwe’s “full commitment and ownership to the process”, including the implementation of policy reforms.
In December 2022, the Government established a structured dialogue platform with all creditors and development partners, to institutionalise structured dialogue on economic and governance reforms to underpin the arrears clearance and debt resolution process.
Economics Advisor to the Government on Arrears Clearance, Alexis Ferrand, outlined the economics reforms matrix’s long-term and short-to-medium-term strategies, which will enable sustained inclusive economic growth, increased investment opportunities, and job creation.
The matrix is centred on enhancing service delivery, public sector transparency and accountability, combating corruption and promoting human rights.
It also covers electoral reforms, national unity, peace, and reconciliation.
It was presented by Permanent Secretary in the Ministry of Justice, Legal and Parliamentary Affairs, Mrs Virginia Mabiza.
Prof Ncube encouraged stakeholders to continue with “constructive and candid dialogue, which is critical to building mutual trust and confidence, needed for the success of the arrears clearance and debt resolution process”.
Zimbabwe’s debt clearance process is being championed by African Development Bank president Dr Akinumwi Adesina and former Mozambican President Joaquim Chissano, who has been designated as High-Level Facilitator.
Both are expected in Zimbabwe for a High-Level Debt Resolution Forum scheduled for Monday, led by President Mnangagwa.
President Mnangagwa appointed Dr Adesina as a champion in July 2022.
The forum will focus on progress updates on the three policy reform matrices, presentation of the way forward and a tentative roadmap.
Zimbabwe’s total consolidated debt stands at US$17,5 billion.
Debt owed to international creditors stands at US$14,04 billion, while domestic debt stands at US$3,4 billion. Debt owed to bilateral creditors is estimated at US$5,75 billion, while debt to multilateral creditors is estimated at US$2,5 billion.
Zimbabwe is in arrears for servicing its debt, with arrears to multilateral development banks, including the African Development Bank, the World Bank and the European Investment Bank.
The fourth structured dialogue platform meetings come on the heels of previous ones held in December 2022, and in February and March 2023.
The dialogue meetings are expected to continue after elections due in August this year.
Online Reporter