Zimbabwe Advances Debt Resolution Efforts With Fourth Structured Dialogue Platform Meeting
Zimbabwe recently hosted its fourth Structured Dialogue Platform meeting, focusing on arrears clearance and the debt resolution process. The meeting, attended by government officials, development partners, and creditors, aimed to find solutions to Zimbabwe’s debt challenges. The participants reviewed draft policy reform matrices on economic, governance, and land tenure reforms, as well as compensation for former farm owners and Bilateral Investment Promotion and Protection Agreements (BIPPAs).
Finance and Economic Development Minister Mthuli Ncube emphasized Zimbabwe’s commitment and ownership of the process, including the implementation of policy reforms. The Structured Dialogue Platform was established in December 2022 to facilitate ongoing discussions on economic and governance reforms related to debt clearance.
The meeting outlined long-term and short-to-medium-term strategies for inclusive economic growth, increased investment opportunities, and job creation. Key areas of focus included service delivery, transparency, accountability, anti-corruption measures, human rights, electoral reforms, national unity, peace, and reconciliation.
African Development Bank President Dr. Akinwumi Adesina and former Mozambican President Joaquim Chissano are leading the efforts to resolve Zimbabwe’s debt issues. They are expected to attend a High-Level Debt Resolution Forum on May 15, 2023, along with Zimbabwe President Emmerson Mnangagwa. The forum will provide updates on progress, discuss the way forward, and present a tentative roadmap.
Zimbabwe’s total consolidated debt amounts to $17.5 billion, with $14.04 billion owed to international creditors and $3.4 billion in domestic debt. Bilateral creditors are owed an estimated $5.75 billion, while multilateral creditors are owed around $2.5 billion. The country is in arrears for servicing its debt, including debts to multilateral development banks.
The structured dialogue platform meetings have been held periodically since December 2022, with future meetings expected to continue after the upcoming elections scheduled for August.