Zimbabwe’s President, His Excellency President Ed Mnangagwa, delivered a comprehensive address during the Roundtable on Zimbabwe Debt Arrears Clearance meeting. The gathering, attended by creditor nations, partners, international organizations, African representatives, and the board and management of the Africa Development Bank (AfDB), focused on three key pillars: Economic Reform, Governance, and Land Tenure System. President Mnangagwa highlighted the significant strides Zimbabwe has made in the absence of foreign funding and development assistance, expressing optimism that the country’s growth will accelerate with a more favorable disposition from creditors.
The President underscored the contributions of agriculture, mining, and tourism to Zimbabwe’s economic development. Agriculture has experienced substantial growth, enabling import substitution and reducing reliance on food imports. Mining, particularly the emerging lithium sector, has received a boost, while the tourism industry has witnessed unprecedented growth and expanded its facilities.
Finance Minister Professor Mthuli Ncube also presented an optimistic outlook, projecting a growth rate of over 4 percent, building on last year’s 6 percent growth.
President Mnangagwa highlighted the significance of the Manhize Steel Plant, which positions Zimbabwe as a prominent producer of iron, steel, lithium, and platinum in Africa. The President also emphasized the importance of social sectors, particularly health and Education 5.0, which prioritizes heritage studies, science, technology, and innovation to meet the skilled labor requirements of industry and commerce.
In the pursuit of Arrears Clearance and Debt Resolution, President Mnangagwa introduced two Champions for Zimbabwe’s cause: AfDB’s Dr. Adesina and former President of Mozambique, Dr. Joachim Chissano. The clearance of arrears and debt would enable Zimbabwe to secure support for social sectors and climate resilience. Thus far, Zimbabwe has been making symbolic payments to creditor nations and organizations quarterly as a demonstration of its commitment to servicing its debt.
The President expressed gratitude to creditor nations and organizations for their positive approach to Zimbabwe’s initiatives. The success of the Clearance Programme relies on an IMF Staff Monitored Programme, peaceful, free, and fair elections, as well as a commitment to compensating former white farmers and resolving issues related to BIPPA properties. President Mnangagwa reaffirmed the country’s readiness for internationally monitored harmonized elections later in the year.
In his address, Arrears Clearance Champion Dr. Chissano outlined the historical context of the ongoing dialogues, including the present meeting, which Zimbabwe has pursued since December of the previous year, despite facing sanctions and debt challenges. Dr. Chissano accepted the role of Champion due to his deep personal connection to Zimbabwe, dating back to the 1960s when he fought alongside Zimbabwean cadres for the independence of both Mozambique and Zimbabwe.
Zimbabwe’s significance within the Southern African Development Community (SADC) was highlighted by Dr. Chissano. He emphasized the country’s central geographical location, abundant mineral resources, and its educated and industrious population. Dr. Chissano reminded attendees that a weakened Zimbabwe, for any reason, would have a negative impact on the entire region. He invoked a Shangani saying, emphasizing that Zimbabwe deserves reciprocal support as it takes proactive steps toward progress.
Dr. Adesina, President of AfDB, who had previously lived and served in Zimbabwe as a representative of the Rockefeller Foundation, expressed his confidence in Zimbabwe’s potential for rapid development once it receives support. He lamented the adverse effects of debilitating sanctions on the country’s younger generation and agreed to champion the cause to alleviate their burdens.
Dr. Adesina also highlighted the unfortunate reality that Zimbabwe remains the only member country of the AfDB under
sanctions. He acknowledged the inclusive nature of Zimbabwe’s debt arrears clearance efforts, with the government, creditors, farmers, and civil society all supporting the initiative.
The Roundtable on Zimbabwe Debt Arrears Clearance meeting showcased the progress Zimbabwe has achieved in various sectors despite the challenges it has faced. President Mnangagwa’s address highlighted the country’s growth in agriculture, mining, and tourism, emphasizing the potential for further development with the support of creditors. The introduction of the Arrears Clearance Champions, Dr. Adesina and Dr. Chissano, added weight to Zimbabwe’s quest for debt resolution.
While the path ahead is not without obstacles, the commitment demonstrated by Zimbabwe’s government and its engagement with international stakeholders bode well for the success of the Clearance Programme. The involvement of the IMF and the assurance of peaceful, free, and fair elections further contribute to the country’s efforts to secure support for its social sectors and climate resilience.
Zimbabwe’s geographic centrality, mineral resources, and skilled population were emphasized as assets that can positively impact not only the country but also the entire region. The dialogue initiated through the Roundtable discussions is an important step towards consensus on the necessary reforms in economic and governance sectors.
Dr. Adesina’s personal connection to Zimbabwe and his understanding of its potential underscored his confidence in the country’s ability to achieve rapid development with the right support. The plight of the younger generation, who have grown up under debilitating sanctions, was a poignant reminder of the urgency to find a resolution to Zimbabwe’s debt challenges.
As Zimbabwe continues its journey towards debt arrears clearance and economic stability, the support and cooperation of international creditors, organizations, and stakeholders will be crucial. The Roundtable meeting served as a platform for dialogue and collaboration, offering hope for a brighter future for Zimbabwe and its people.
Zimbabwe’s Roundtable on Debt Arrears Clearance meeting highlighted the progress the country has made and the determination of its government to resolve its debt challenges. With a focus on economic reform, governance, and land tenure, Zimbabwe showcased its achievements in sectors such as agriculture, mining, and tourism.
The introduction of Arrears Clearance Champions and the support from international organizations and creditor nations demonstrated a positive disposition towards Zimbabwe’s initiatives. While obstacles remain, the commitment to peaceful elections, compensating farmers, and resolving property issues are crucial steps towards a successful debt clearance program. The meeting provided an inclusive platform for dialogue and collaboration, fostering hope for Zimbabwe’s economic growth and development in the years to come.
