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Sunday, July 14, 2024

Treasury committed to extinguishing all debt obligations

Story by Davison Vandira

ZIMBABWE’s ongoing debt arrears clearance and resolution process which started with the Transitional Stabilisation Programme and moved to the National Development Strategy One has become a vital tool in extinguishing the country’s debt obligations.

The Second Republic’s commitment to clear all the country’s financial debt and arrears obligations from multilateral and bilateral financiers birthed the structured dialogue meetings which started in December last year.

The debt relief open dialogue has so far managed to strengthen consensus, trust and confidence between Zimbabwe and various creditors thereby reducing the country’s risk profile tag.

Over the past three years, the country has been under a strict International Monetary Fund Staff Monitored Programme which came with guidance on the exchange rate and the general macroeconomic management that has set the country on a development pathway.

The Minister of Finance and Economic Development Professor Mthuli Ncube has presented the country’s detailed roadmap including budgetary support to clear Zimbabwe’s debt overhang from the year 2000 that will set the tone for sustainable economic reconstruction.

“As the government, we are very sincere on the debt resolution agenda as can be testified by the reforms that we have been instituting with regards to the management of our fiscus and creating the legroom to finance the clearance of our obligations and, we have demonstrated we can pat our debts and resolve these issues once and for all.

“This process will go ahead unabated and we are quite confident we will bring the debt issue to finality and start on a new page,” he said.

Zimbabwe is optimistic that the successful resolution of the debt and arrears impasse will be a key launch pad for unfettered access to international financiers.

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