President Emmerson Dambudzo Mnangagwa Flanked by The Minister of Finance and Economic Development Professor Mthuli Ncube and The President of The African Development Bank Group Dr Akinwumi Adesina
By George Swarei
Harare, November 25, 2024 — President Emmerson Mnangagwa underscored Zimbabwe’s commitment to addressing its external debt and unlocking long-term concessional financing at the High-Level Structured Dialogue Platform Forum on Arrears Clearance and Debt Resolution, held in Harare.
Delivering his keynote address, President Mnangagwa highlighted the progress made since the Structured Dialogue Platform’s inception in December 2022. “We have registered tremendous progress, with growing consensus, trust, and confidence in this initiative,” he stated, noting that reforms in economic stability, governance, and land tenure underpin the process.
Zimbabwe’s economy demonstrated resilience, achieving 5.3% growth in 2023. However, the El Niño-induced drought is expected to temper growth to 2% in 2024. A strong rebound to 6% is forecasted for 2025, driven by recovery in agriculture and mining. President Mnangagwa emphasized fiscal discipline, with budget deficits capped at less than 2% of GDP and continued implementation of tight monetary policies. The introduction of the Zimbabwe Gold (ZiG) currency in April 2024 and enhanced flexibility in the foreign exchange market aim to bolster macroeconomic stability.
A Staff Monitored Programme (SMP) under negotiation with the International Monetary Fund (IMF) is set to further economic reforms, though the president assured protection for vulnerable populations through effective social safety nets.
A landmark decision to provide bankable, registrable, and transferable tenure documents to beneficiaries of the Land Reform Programme was made in October 2024. This aligns with Zimbabwe’s constitution and aims to enhance agricultural productivity and investor confidence.
In line with the 2020 Global Compensation Deed, $35 million was allocated in the 2024 national budget for compensating former farm owners. To date, 444 applications under the deed and 94 applications under Bilateral Investment Protection and Promotion Agreements have been approved for payment.
President Mnangagwa reaffirmed Zimbabwe’s commitment to constitutionalism, rule of law, and governance reforms. Bills enhancing whistleblower and witness protection, anti-corruption efforts, and asset transparency are under legislative review. Decentralization of justice delivery and the establishment of the Zimbabwe Independent Complaints Commission aim to strengthen accountability and human rights protections.
The president called for continued support from international financial institutions, creditors, and development partners to address Zimbabwe’s $14 billion external debt. Unlocking concessional financing is deemed essential for achieving the objectives of the National Development Strategy 2 and funding transformative infrastructure projects.
Gratitude was extended to African Development Bank President Dr. Akinwumi Adesina, High-Level Facilitator Joaquim Chissano, and financial and legal advisors Global Sovereign Advisory and Kepler-Karst for their critical roles in advancing Zimbabwe’s debt resolution strategy.
President Mnangagwa expressed optimism about achieving sustainable economic growth and called for unwavering collaboration among stakeholders. “The successful implementation of our Arrears Clearance and Debt Resolution Strategy is key to unlocking Zimbabwe’s full potential,” he concluded.
As Zimbabwe transitions toward inclusive economic recovery, the forum underscored the importance of collective efforts to overcome challenges and build a prosperous future.
