HARARE, Mar 5 – Zimbabwe is moving forward with efforts to resolve roughly $23 billion in external debt owed to international lenders, President Emmerson Mnangagwa said as negotiations with creditors continue.
Speaking to diplomats and representatives of international organisations in the capital, Harare, Mnangagwa said the government recognises that rebuilding credibility and policy stability is essential to restoring investor confidence and reopening access to external financing.
He said discussions under the country’s Arrears Clearance and Debt Resolution Process are progressing positively and that authorities are implementing measures aimed at meeting their financial obligations, though no specific details were provided.
Zimbabwe recently secured a staff-monitored programme from the International Monetary Fund, a development viewed as an important step toward resolving its long-standing debt challenges.
The southern African nation has been largely excluded from international capital markets since 1999, when it defaulted on debt owed to institutions including the World Bank, the Paris Club and the African Development Bank.
As part of its strategy to resolve the crisis, Zimbabwe has appointed the African Development Bank and former Mozambique president Joaquim Chissano to help facilitate negotiations with creditors.
Resolving the debt overhang is seen as a critical step for Zimbabwe to regain access to international capital markets and unlock new funding needed to support economic recovery and investment.
