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Zimbabwe has made considerable progress on its arrears clearance roadmap and is now engaging a new generation of champions to support the process, a minister has confirmed.
The country is implementing a 10-month Staff Monitored Programme (SMP) with the International Monetary Fund (IMF), which is expected to conclude by the end of the year. Addressing a virtual media briefing from Washington DC, where he is attending the IMF and World Bank Spring Meetings, Finance, Economic Development and Investment Promotion Minister Mthuli Ncube said the programme is consistent with Zimbabwe’s National Development Strategy 2 (NDS2) and contains no alarming or new conditions.
Minister Ncube revealed that Dr Sidi Ould Tah, the 9th President of the African Development Bank Group (AfDB), has committed to stepping in as a successor to Dr Akinwumi Adesina as a champion for the arrears clearance programme.
Dr Tah will work alongside former Mozambican president Joaquim Chissano, who has also been championing Zimbabwe’s case.
Minister Ncube, who held a virtual briefing with local media, said there is also a need for other types of champions.
“We need champions who can advocate for Zimbabwe’s case in areas where we’re not present, in situations where that support is needed. But also, we need champions who can support us in terms of giving us bridge funding in order to clear the World Bank and the AfDB loan,” Minister Ncube said.
Once the Staff Monitored Programme is completed, Zimbabwe is also negotiating access to what is termed a “set-aside” — resources held in the soft windows of the AfDB and the World Bank that are used to clear its arrears.
“We’re also negotiating on this set-aside to make sure that we’re accommodated once the Staff Monitored Programme is completed,” Minister Ncube added.
While attending the IMF and World Bank Spring meetings, Minister Ncube and the Zimbabwe delegation met with representatives from the United Kingdom, Germany, France, Algeria and others.
Online Reporter