Story by Josephine Mugiyo, Diplomatic Correspondent
President Emmerson Mnangagwa says the successful implementation of the country’s arrears clearance and debt resolution strategy is key for Zimbabwe to unlock new concessional external financing to achieve its economic development objectives.
He was addressing the 6th high level structured dialogue platform forum on arrears clearance and debt resolution process in Harare this Monday.
Burdened with external debts that are hampering economic progress, in 2022 the Second Republic set up the platform which fosters dialogue on the country’s debt clearance.
The negotiation process is being led by African development bank, President, Dr Akinumwi Adesina, while former Mozambican President, Joachim Chissano is the high-level facilitator.
Addressing delegates, President Mnangagwa acknowledged the strides that have been made since the establishment of the structured dialogue platform.
“Since the establishment of the structured dialogue platform process in December 2022, we have registered tremendous progress, with growing consensus, trust and confidence in this initiative. We have also seen an inclusive and transparent consultative process as we institutionalized dialogue on economic and governance reforms underpinning Zimbabwe’s arrears clearance and defy resolution process,” he said.
The reforms for the debt resolution process are underpinned by specified strategic pillars which include, economic growth and stability as well as governance and land tenure reforms.
“The Zimbabwean economy has shown resilience , registering a 5.3 percent growth in 2023. This is projected to grow by 2 percent in 2024 , mainly on account of the El Niño induced drought , which affected agricultural production…….with regards to the land tenure reforms my government in October 2024 made a bold decision to give security of tenure to all the beneficiaries of the land reform program. This is in line with section 292 of our constitution,” he added.
President Mnangagwa emphasised the importance of the arrears clearance, noting the expected impact in unlocking external funding to bolster economic growth.
“The successful implementation of our arrears clearance and debt resolution strategy is key for Zimbabwe to unlock new concessional external financing, critical for achieving our economic development objectives. I call for the continued support of the international financial institutions, development partners, our creditors and the international community for the arrears clearance and debt resolution process.”
The structured dialogue meeting was attended by various stakeholders including the country’s development partners.
