Staff Reporter
The African Development Bank (AfDB) President, Dr Akinwumi Adesina, has committed to continue supporting Zimbabwe’s Arrears Clearance and Debt Resolution programme beyond his term, which concludes in August this year.
Dr Adesina reaffirmed this commitment during a courtesy visit to President Emmerson Mnangagwa at State House in Harare yesterday, accompanied by former Mozambican President Joachim Chissano.
Expressing his personal and institutional commitment, Dr Adesina emphasised Zimbabwe’s critical role in regional trade within the Southern African Development Community (SADC).
"I am personally and fully committed to this initiative. Zimbabwe is strategically important, particularly through its railway network, which significantly impacts regional trade," he stated.
Zimbabwe faces a substantial debt burden of US$21.1 billion, consisting of external debt amounting to US$12.3 billion and domestic debt totalling US$8.7 billion.
Efforts to clear these arrears are being actively pursued with the backing of international partners and financial institutions, including the World Bank, the International Monetary Fund (IMF), and the United Nations Development Programme (UNDP).
Dr Adesina highlighted specific actions taken by the AfDB to assist Zimbabwe that include securing global financial and legal advisory services.
He underscored the progress made in the ongoing negotiations, attributing significant advancements to President Mnangagwa’s proactive leadership and steadfast dedication.
Former President Chissano voiced optimism about Zimbabwe’s economic prospects, citing ongoing positive developments and sustained international engagement.
He expressed satisfaction that the AfDB’s support would continue uninterrupted, addressing any concerns regarding leadership transitions within the bank.
"We are satisfied with the steps being taken to ensure stability across the country. The progress being made is encouraging, and we anticipate further positive outcomes," Chissano remarked, highlighting potential growth in agriculture as a pivotal economic driver for Zimbabwe.
President Mnangagwa warmly welcomed the visit, describing discussions with Dr Adesina and Chissano as "fantastic", and underscored the importance of their continued commitment and support for Zimbabwe’s economic stability and future development.
The AfDB’s ongoing involvement is seen as crucial to Zimbabwe’s ability to resolve its arrears and stimulate sustainable economic growth, with regional implications extending beyond national borders.
