This revelation came during the country’s 6th high-level Structured Dialogue Platform forum on debt resolution, held on Monday in Harare. The forum, attended by key stakeholders, highlighted the ongoing challenges under the guidance of the African Development Bank (AfDB) and advice from former Mozambican President Joaquim Chissano.
Established in December 2022, Zimbabwe’s Structured Dialogue Platform aims to provide a clear framework for addressing domestic debt. The country has already made considerable progress, including the introduction of a new currency, stabilisation of the exchange rate, and amendments to key human rights laws. However, Finance Minister Professor Mthuli Ncube emphasised that even with successful negotiations, a sponsor will be needed to clear the country’s debt completely.
The need for large-scale, long-term, concessional financing was a key topic of discussion at the forum, with the AfDB and other partners urged to step in, as seen in cases like Somalia and Sudan. Minister Ncube stressed that without such a sponsor, Zimbabwe would struggle to bridge the development gap it faces.
On the political front, AfDB President Dr Akinwumi Adesina noted that reforms, including the amendment of human rights laws such as the controversial Private Voluntary Organisations (PVO) Bill, are necessary before full debt resolution can be achieved. The PVO Bill, which seeks to regulate non-governmental organisations, was a point of contention, with critics arguing that it suppresses freedoms and hinders the work of civil society groups.
Meanwhile, President Emmerson Mnangagwa, who opened the forum, defended the PVO Bill, asserting that it is designed to enhance transparency and combat money laundering and terrorism.
In a positive development, Finance Minister Ncube confirmed that compensation for white farmers who lost land during the land reform process would finally begin, with funds already set aside for payment. A verification process is currently underway to ensure the correct recipients receive compensation.
--ChannelAfrica--
