AfDB to Help Out As Zimbabwe's Woes Affect Rest of Region

Zimbabwe's President Emmerson Mnangagwa has reassured development partners and creditors that his government is committed to the implementation of key reforms critical to resolving the country's nearly U.S.$8.3 billion of debts and arrears. Mnangagwa was speaking during the high-level debt resolution forum held on May 15, 2023, in the capital Harare. The forum was also addressed by the President of the African Development Bank Dr. Akinwumi Adesina, and the facilitator of the high-level dialogues, former President of Mozambique Joaquim Chissano. It was attended by government officials, development partners, private sector, former farm owners and civil society organizations.

Chissano said the crisis in Zimbabwe is having "terrible consequences" for the whole of Southern Africa by delaying the building of roads, railways and power lines. Adesina said the AfDB is collaborating with the government of Zimbabwe on land reform and compensation in order to create cutting-edge financial tools and structures that can be used utilized to mobilise U.S.$3.5 billion for compensation. He issued a warning against future delays that would damage trust and confidence. So timing, responsiveness, and financial sustainability all matter, he explained.