ED thanks Chisanno, Adesina for assistance in debt cul-de-sac

President Mnangagwa has thanked former Mozambican President Joachim Chissano and African Development Bank chief, Akimumwi Adesina for helping Zimbabwe resolve its international debt crisis.

There is increased hope that Zimbabwe, which owes international creditors over $14 billion, can find finality to the overhang following intense negotiations which are taking place under the framework of High Level Structured Dialogue.

The debt talks are linked to a number of foreign relations and international obligations dynamics, and Chissano’s presence is in no small part a political mediation meant to break deadlock involving Western countries.

Adesina has been a surprise supporter of Zimbabwe among global creditors.

Zimbabwe’s forthcoming election and payment of compensation to former white farmers are some of the key items on the complex menu.

Yet, there is some hope with Zimbabwe likely to get loans and other facilities from the international financial system from which it has virtually been excluded in the past two decades.

“I am most grateful to the President of the African Development Bank, Dr Akinwumi Adesina, and former President of Mozambique, His Excellency Joaquim Chissano, for readily agreeing to play the onerous role of Arrears Clearance and Debt Resolution Champions for our country, Zimbabwe,” Mnangagwa wrote in an editorial published in the State media today.

“Their intercessions are already bearing fruit, and we begin to see windows gradually opening, and goodwill and support forming and growing within the ranks of our creditor nations and development partners.

“No doubt, there is consensus in the country that the question of Zimbabwe’s Arrears Clearance and Debt Resolution must be tackled and resolved urgently, if the pace of our growth and development is to be accelerated,” the President wrote.

The duo was recently in Zimbabwe at the high-level debt resolution forum held on May 15, 2023, in the capital Harare.

The AFDB revealed it was formulating instruments to help Zimbabwe pay US$3.5 billion to former white commercial farmers, as part of the debt resolution strategy.

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