The president of the African Development Bank (AfDB), Akinwumi Adesina, praised Zimbabwe for making significant progress in addressing its US$21 billion public debt, despite challenges such as sanctions and an El Nino-induced drought.
Zimbabwe’s external debt stands at US$12.3 billion, owed to creditors like the AfDB, World Bank, and European Investment Bank. The country also has a domestic debt of US$8.7 billion.
During his speech at the High-level Structured Dialogue Platform Meeting on Arrears Clearance and Debt Resolution in Harare on Monday, Adesina, who is leading Zimbabwe’s debt clearance efforts, said:
<blockquote>
The high-level structured dialogue is the only way, there is no other way. So, we should make it work to deliver the expected end: arrears clearance and debt resolution for Zimbabwe.
That is why the African Development Bank provided US$4,2 million towards facilitating the High-Level structured dialogue.
And we expect to provide additional support because we strongly believe these dialogues are yielding fruits.
</blockquote>
According to the AfDB president, Zimbabwe is too important for the world to overlook. He said:
<blockquote>
With its vast deposits of critical minerals, including lithium and platinum metals group, Zimbabwe is one of the leading countries that holds the future for global energy transitions.
In a world of geo-political competition and drive for securing vital strategic minerals and metals, we must look at Zimbabwe with new lenses.
</blockquote>
Adesina also said Zimbabwe is on track to implement an International Monetary Fund (IMF) Staff Monitoring Programme (SMP), which is crucial for the arrears clearance process.
He said that this is set to take place in January when IMF officials will visit the country.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Zimbabwe has a big debt of $21 billion. They have $12.3 billion to foreign creditors and $8.7 billion to local creditors. The president of AfDB, Akinwumi Adesina, said Zimbabwe is doing well to clear the debt. They need structured dialogues to fix the debt problem. AfDB gave $4.2 million for this. Zimbabwe has important minerals and metals that the world needs. The IMF will visit Zimbabwe in January to help with the debt. Adesina says Zimbabwe is important and needs help to fix its debt.

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