Zim’s economic reforms on the table in US$17.5 bil...

Zim’s economic reforms on the table in US$17.5 billion debt discussions

**President Emmerson Mnangagwa welcomes former Mozambique president, Joaquim Chissano**

Nyashadzashe Ndoro

ZIM NOW REPORTER

Former Mozambican President Joaquim Chissano on Monday met with Zimbabwean President Emmerson Mnangagwa to discuss the nation’s economic woes, particularly its substantial external debt.

Chissano, appointed as a facilitator to help Zimbabwe navigate debt clearance, aimed at gaining a deeper understanding of the country’s situation.

Zimbabwe owes a staggering US$17.5 billion to international financial institutions like the International Monetary Fund, the World Bank, and African Development Bank. The debt has crippled the nation’s ability to invest in crucial areas and hampered economic growth.

Chissano emphasised the importance of a two-pronged approach, addressing both governance and economic issues. He acknowledged the challenges Zimbabwe faces in repaying its accumulated debt.

“I am here to be better educated on the political, and socio-economic situation of Zimbabwe as I am playing the role of the high-level facilitator with the international financial institutions and partners, so l have to be well informed about the country’s situation and the thinking of Zimbabwean leadership and its people.

“We touch on two main parts regarding the dialogue and these include the governance and the economic parts and we are concerned with both,” Chissano said.

Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube clarified that Chissano’s visit was part of ongoing discussions with creditors. He said the discussions covered various economic issues, including the recent introduction of the Zimbabwe Gold currency and the government’s assumption of central bank liabilities.

A critical topic on the table was compensation for dispossessed white farmers, a requirement some creditors have for improved relations. Both sides are working to find common ground.

Ncube highlighted Zimbabwe’s commitment to continued dialogue with international financial institutions. He stressed the valuable role Chissano plays as a champion and facilitator in these crucial discussions.

“The issue of white farmers’ compensation is on the table in terms of dialogue. That is what this conversation has been all about, calibrating, and checking where we are in terms of the dialogue process. We will be having other meetings, Global, IMF, World Bank Spring Meeting in Washington DC next week.

“Whilst we are there, we will commit to dialogue with International Financial institutions and other partners and again, President Chissano as our champion and facilitator will be available for those meetings,’’ Ncube said.