Nqobile Bhebhe [email protected]
ZIMBABWE is pushing to complete its debt arrears clearance process by March next year, with Government intensifying engagements with international creditors to unlock access to affordable development financing and restore the country’s standing in global capital markets.
Finance Minister Professor Mthuli Ncube said progress had been made in restructuring part of the country’s debt, particularly through agreements with China, which has helped ease repayment pressures by extending maturities and addressing the cost of borrowing.
Speaking on the sidelines of the 2027 Pre-Budget Seminar in Bulawayo on Wednesday, Professor Ncube said Government was engaging other creditors, including Paris Club countries, through the structured debt dialogue platform.
“A good part of it has already been restructured in terms of lengthening the maturity of the debt, the cost of debt and again we thank the Chinese government for playing this positive part in our debt restructuring agenda,” he said.
He said Zimbabwe was seeking similar progress with other creditors to advance its arrears clearance programme.
“We have the obviously other countries, Paris club countries and again we are having conversations with them through the debt dialogue platform for them to follow suit.”
The debt restructuring programme is a key component of Zimbabwe’s broader efforts to normalise relations with international financial institutions and creditors, following years of arrears that have constrained access to new concessional financing.
Professor Ncube said Government remained committed to meeting its March 2027 target, although the process would require continued negotiations and the resolution of outstanding hurdles.
“So we are on target for March next year.
“We are pushing hard. That is our aspiration. That is our target.
“We are pushing hard, trying to overcome every hurdle together to make sure that by the end of March we have cleared our arrears or at least know what it takes to really clear these areas once and for all and get back into the community of nations in the capital space.”
The Minister’s remarks further signal Government’s determination to sustain momentum in the debt dialogue process, which is intended to establish a pathway towards resolving outstanding arrears and rebuilding confidence among international creditors.
Progress on debt resolution could help improve access to development finance for infrastructure, energy, water and other productive sectors that require substantial long-term investment.
However, the process remains dependent on agreements with creditors and the identification of a sustainable framework for settling outstanding obligations.
Government’s immediate priority is to maintain engagement with its creditors, build on the progress made with China and secure further commitments from Paris Club countries, he added.
The March 2027 target represents an important milestone in the country’s efforts to resolve its debt challenges and create conditions for renewed engagement with international capital markets.
