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The United States of America says it will not participate in any financing options for Zimbabwe’s arrears clearance and debt restructuring process through the African Development Bank (AfDB) or otherwise as long as the sanctions it imposed on the country are still in place.
The US imposed sanctions on Zimbabwe under the Zimbabwe Democracy and Economic Recovery Act (ZDERA).
<ul>
<li class="text-4xl border-b-2 border-[#e8e9ea] tracking-tight pb-4 font-bold pt-4"><a href="https://www.pindula.co.zw/2023/05/26/zimbabwes-debt-crisis-here-are-the-lenders-and-how-much-they-are-owed/">Zimbabwe’s Debt Crisis: Here Are The Lenders And How Much They Are Owed</a></li>
</ul>
Speaking during a Roundtable meeting on Zimbabwe’s arrears clearance and debt resolution process dialogue convened on the sidelines of the AfDB annual general meetings on Wednesday in Egypt, US Assistant Secretary of Treasury, Eric Meyer said they will not support Zimbabwe as long as ZDERA is still in force. Said Meyer:
<blockquote>
I know President (Dr) Adesina mentioned ZDERA in the United States. That Act does bind us in opposing lending (to Zimbabwe) from international financial institutions and until definitely certain criteria under ZDERA are made.
I want to touch on what really some of those criteria are. They are related to the rule of law, free and fair elections, pre-elections insisting on international standards, land reform and related civilian authority over the military and the police.
I think you notice that there is a lot of commonality between the working groups and strategic dialogue that President Chissano outlined this evening and that is what my Government is bound to meet and that is what we are monitoring and looking at.
Until these conditions are met we are not able to participate in financing options for Zimbabwe through the African Development Bank or otherwise.
We are participating in this (Wednesday) strategic dialogue and we are doing this because of the importance of these reforms that extend beyond everything.
These reforms if successfully executed will create the conditions for social and economic growth in Zimbabwe.
I want to take this opportunity to thank Your Excellence President Adesina and President Chissano for your important remarks today (Wednesday) outlining the challenges in the process that has been undertaken here.
I have been thinking about speaking and I realised there is always a risk of the United States supporting this or the United States does not support this.
That is not what we are going to do. What we are going to do is welcome the opportunity to participate in this strategic dialogue.
This is a process that presents an opportunity for Zimbabwe to work with its partners on reforms and measure progress along the way. That’s really important.
For Zimbabwe to reach its ultimate goal of debt resolution the discussions in the dialogue must be supported by actions as has been discussed earlier today.
It’s imperative for Zimbabwe to demonstrate credible progress in implementing governance, economic and land reforms.
Not just reaching agreements with partners but not implementing those agreements.
Building trust and progress takes time and it’s important for Zimbabwe to stay on course through that process.
</blockquote>
Akinwumi Adesina, who is the African Development Bank President, was appointed as leader of Zimbabwe’s arrears clearance and debt process by President Emmerson Mnangagwa in 2022.
Former Mozambique president, Joachim Chissano, was appointed the facilitator between the Zimbabwean government as a debtor, bilateral credit partners, and other relevant stakeholders.
The US enacted ZDERA in 2001 in response to Zimbabwe’s “fast-track land reform” programme.
The US put the Zimbabwean government on a credit freeze through ZDERA (specifically Section 4C titled Multilateral Financing Restriction).
ZDERA forbids US citizens who have senior positions in many multi-lateral institutions from voting for Zimbabwe’s support in areas they have influence.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

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United States Declines To Support Funding Zimbabwe's Arrears Clearance, Debt Restructuring

President Emmerson Mnangagwa and Finance and Economic Development Minister Mthuli Ncube attended a Roundtable meeting on Zimbabwe Debt Arrears Clearance in Sharm el-Sheikh, Egypt recently.
The roundtable meeting was held on Wednesday evening and was a side event during the African Development Bank (AfDB) annual general meetings.
Zimbabwe is facing an external debt crisis which has made it difficult for the country to secure loans from international financial institutions such as the International Monetary Fund (IMF) due to arrears.
<h2>What Is External Debt?</h2>
According to an <a href="https://www.investopedia.com/terms/e/external-debt.asp">online source</a>, external debt or foreign debt is the portion of a country’s debt that is borrowed from foreign lenders, including commercial banks, governments, or international financial institutions.
These loans, including interest, must usually be paid in the currency in which the loan was made.
If a country cannot repay its external debt, it is said to be in sovereign debt and faces a debt crisis.
<h2>Zimbabwe’s Debt Inherited From Rhodesia</h2>
<a href="https://debtjustice.org.uk/countries/zimbabwe#:~:text=Zimbabwe%20inherited%20a%20sizeable%20debt,buying%20exports%2C%20including%20military%20aircraft.">Debt Justice</a> says Zimbabwe inherited a sizeable debt from Rhodesia, which grew through the 1980s, that is, the first decade after the country gained independence.
In 1980, Zimbabwe inherited a US$700 million debt from the Rhodesian government of Ian Smith.
The loans had been used to buy weapons in the 1970s, breaking United Nations (UN) sanctions.
The new Government reportedly came under international pressure to take on the debt, whilst being promised over US$2 billion by Western governments for reconstruction and development. Most of the aid money reportedly never materialised.
Zimbabwe also received loans from the United Kingdom and Spain to buy Land Rovers and military aircraft and from the World Bank to plant trees.
By 1990, to keep paying the debt, Zimbabwe had to take out bailout loans from the IMF and World Bank.
Zimbabwe defaulted on repayments in 2000 and the lenders stopped lending to the country.
<h2>What Is a Default?</h2>
Default is the failure to make required interest or principal repayments on a debt, whether that debt is a loan or a security.
Sovereign default occurs when a country does not repay its debts. Though a country cannot be forced to satisfy its obligations by a court, countries that default on sovereign debt might have trouble borrowing again and are likely to have to pay a higher interest rate if they get the chance.
According to <a href="https://www.investopedia.com/articles/investing/102413/why-and-when-do-countries-default.asp">Investopedia</a>, the common causes of sovereign defaults include economic stagnation, political instability, and financial mismanagement.
<h2 class="wp-block-heading">How Much Does Zimbabwe Owe?</h2>
In October 2022, the Ministry of Finance’s Public Debt Management Office released a medium-term debt management strategy that had the latest data on the extent of the country’s debt crisis.
It said the total Public and Publicly Guaranteed (PPG) debt in December 2021 was US$17.2 billion.
This was made up of external debt of US$13.4 billion (77.9%) and domestic debt of US$3.8 billion (22.1%).
The total public debt included blocked funds of US$3.533 billion and an obligation of US$3.5 billion to compensate white former farmers for improvements on resettled land.
Besides the principal amounts owed, Zimbabwe also has arrears and penalties because of not paying its debts on time.
<h2>What Are Arrears?</h2>
When a country is said to be in arrears, it would have failed to make regular contractually required payments. The term arrears applies to an overdue payment.
In December 2021, Zimbabwe had piled up external debt arrears and penalties of US$6.6 billion. This included penalties of US$2.01 billion by December 2021.
Of the total external debt arrears, US$4.2 billion (63%) was due to the bilateral creditors, while US$2.4 billion (37%) was due to the multilateral creditors such as the World Bank and others.
<h2>Who Does Zimbabwe Owe?</h2>
As of December 2021, Zimbabwe owed US$5.6 billion to bilateral creditors – such as individual countries – and US$2.7 billion to multilateral creditors – international financial institutions.
External Debt
<ul>
<li>US$3.9 billion is owed to the Paris Club. This is a group of creditor countries that has 22 permanent members that include Australia, Austria, the UK, Japan and the USA.</li>
<li>US$1.8 billion is owed to the non-Paris Club bilateral creditors.</li>
<li>US$1.5 billion is owed to the World Bank 
US$711 million is owed to the African Development Bank</li>
<li>US$358 million is owed to the European Investment Bank</li>
</ul>
Over the years, the Government has taken over the Reserve Bank of Zimbabwe (RBZ)’s debt.
Zimbabwe owes US$111 million to creditors under the 2015 RBZ Debt Assumption Act, while US$4.9 billion is external debt on RBZ’s balance sheet.
<h2>Zimbabwe’s Chinese Loans</h2>
In 2022, Ncube told Parliament that Zimbabwe had borrowed US$2.7 billion from China since 1980.
He said the outstanding debt to China as of August 2022 amounted to US$1.768 billion.
Most of the Chinese loans have been borrowed for infrastructure projects but Zimbabwe was struggling to service some of the running Chinese loans.
According to the mid-term Debt Management Office, China was not releasing as much of the loans as needed because Zimbabwe was in arrears.
Treasury said Zimbabwe was in arrears on loans for the Victoria Falls Airport (US$65.36 million), NetOne Network Expansion Phase I &amp; II (US$66.65 million) and TelOne National Broadband Expansion Project (US$8.0 million).
<h2>Zimbabwe’s Arrears Clearance And Debt Process</h2>
In 2022, President Emmerson Mnangagwa appointed African Development Bank President Akinwumi Adesina as leader of Zimbabwe’s arrears clearance and debt process.
Addressing delegates during the inaugural Dialogue Platform on Zimbabwe’s Arrears Clearance and Debt meeting at the Rainbow Towers Hotel in Harare in 2022, Ncube said Adesina had agreed and committed to working with other institutions to support Zimbabwe in clearing its arrears and resolving its debts owed to international creditors.
Former Mozambique president, Joachim Chissano, was appointed the facilitator between the Zimbabwean government as a debtor, bilateral credit partners, and other relevant stakeholders.
Chissano is being supported by a technical advisor the former prime minister of Mozambique, Luisa Diogo.
In October 2022, Ncube said the country had started to make token payments to the IMF, World Bank, and other lenders. He said:
<blockquote>
We’ve begun to make token payments to the World Bank, the AfDB (African Development Bank), European Investment Bank.
And all the Paris Club creditors, 17 of them, we will be making token payments to show that we want to be a good debtor.
</blockquote>
Ncube also said IMF staff would visit Zimbabwe in December and then discuss a staff-monitored programme in the first and second quarter of 2023.
He said this would enable access to “resources from a sponsor who will help us with bridge funding in order to clear the arrears” to international lenders.
<h2>Debt Restructuring</h2>
Ncube said the “sponsor” will help Zimbabwe to restructure its debt to bilateral Paris Club creditors.
Debt restructuring is a process that involves getting lenders to agree to reduce the interest rates on loans, extend the dates when the debtor’s liabilities are due to be paid, or both.
<h2>Zimbabwe’s Debt Crisis And Reforms</h2>
In May 2023, Mnangagwa told development partners and creditors that Zimbabwe was committed to implementing key reforms that are critical to resolving the country’s debts and arrears.
He was speaking during the high-level debt resolution forum in Harare which was also addressed by Adesina and Chissano.
<a href="https://www.herald.co.zw/president-reassures-development-partners-creditors/">The Herald</a> reported that the majority of Zimbabwe’s combined US$8.3 billion bilateral and multilateral debt was accounted for by arrears.
However, in May 2023, <a href="https://tradingeconomics.com/zimbabwe/external-debt#:~:text=In%20the%20long%2Dterm%2C%20the,according%20to%20our%20econometric%20models.">Trading Economics</a> projected Zimbabwe’s External Debt to trend around US$18.6 Million in 2023.
South Africa’s Finance Minister Enoch Godongwana said that his country supports Zimbabwe’s implementation of key reforms to resolve its debt problems.
Gondongwana presented a message of support during a round-table meeting on Zimbabwe’s debt arrears clearance at the African Development Bank (AfDB)’s 2023 annual meetings.
He said any challenge faced by Zimbabwe will also affect South Africa’s economy.
Zimbabwe is a major market for South African products. South Africa also hosts millions of Zimbabwean economic refugees.
Adesina said Zimbabwe’s arrears clearance and debt resolution involves governance, rule of law, human rights, freedom of speech, and electoral reforms among other issues. He said:
<blockquote>
The issues are not just economic or financial. They also involve governance, rule of law, human rights, freedom of speech, political level playing field, electoral reforms that will assure free and fair elections — as well as fairness, equity and justice for the commercial farmers and other businesses who were dispossessed of their lands, for which there is a clear need for restitution and compensation.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe's Debt Crisis: Here Are The Lenders And How Much They Are Owed

South Africa’s Finance Minister Enoch Godongwana said that his country supports Zimbabwe’s implementation of key reforms to resolve its debt problems.
Gondongwana presented a message of support during a round-table meeting on Zimbabwe’s debt arrears clearance at the African Development Bank (AfDB)’s 2023 annual meetings on Wednesday.
He said any challenge faced by Zimbabwe will also affect South Africa’s economy, hence the need to resolve Zimbabwe’s debt crisis and end economic sanctions. <a href="https://www.businesslive.co.za/bd/national/2023-05-25-zimbabwe-to-implement-reforms-critical-to-resolving-debt-and-arrears/">Said Gondongwana</a>:
<blockquote>
All of us are concerned about Zimbabwe. Economic sanctions continue to place Zimbabwe further into unsustainable debt. We support this [debt reforms] initiative with all our effort.
</blockquote>
In February this year, President Emmerson Mnangagwa said the Government was committed to a plan to clear more than US$6 billion of external debt arrears which were hindering its access to international loans.
Zimbabwe had more than US$14 billion in external debt as of September 2022 and has been unable to secure loans from the likes of the International Monetary Fund in more than twenty years, due to its arrears.
Zimbabwe, together with the AfDB and other development partners is working on a process to clear its debts and arrears.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

All Of Us Are Concerned About Zimbabwe - SA Finance Minister

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