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Zimbabwe has laid out economic, governance and land management policies to its creditors in the hope it will pave the way for a return to international capital markets.
President Emmerson Mnangagwa presented the plans to its creditors on Monday at a debt conference in Harare. The proposals include a $331 million package to compensate white farmers whose ranches were seized in 2000.
Mnangagwa said it was in the “fundamental interest” of Zimbabwe to “consolidate constitutionalism, the rule of law and the protection of constitutionally enshrined rights and freedom.”
Zimbabwe’s debt currently stands at $21 billion, around 81% of GDP. This includes $13 billion in external debt and $8 billion owed to local lenders. The weakening of its recently introduced gold-backed currency has compounded the country’s long running economic woes.
Talks with creditors were first initiated in 2022.
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African Development Bank President Akinwumi Adesina was among the attendees at the Harare event. He has supported Zimbabwe’s debt resolution efforts with international finance institutions and bilateral lenders in his role as Zimbabwe’s chief debt negotiator.
“We must play our part to give a new lease of life to this nation and its people, so Zimbabwe can run again,” he said. “Zimbabwe is too critical for the world to ignore.”
Adesina also said he wants to secure a restructuring deal for Zimbabwe before his term ends next August.