Harare- For the second month in a row, the African Development Bank (AfDB) is dispatching one of its senior officials to Harare for engagements with the government as the Bank continues to show its strong committment to pushing through Zimbabwe’s debt resolution plan.
Last month, AfDB president Akinwumi Adesina, who is championing Zimbabwe’s arrears clearance and debt resolution plan, was in Zimbabwe headlining a high level debt conference with Zimbabwe’s creditors.
Following up on that, the AfDB is dispatching another senior Bank official to Harare next week, on a mission to, “Understand the macro-economic and developmental challenges in the country,” according to a Ministry of Finance and Economic Development statement.
“The Minuster of Finance and Economic Development Professor Mthuli Ncube will be hosting Mr J.L. Ngimbi executive director of the African Development Bank for Southern Africa Group 11 Constituency Office on March 20, 2023,” the statement said.
“This is also a follow up to the recent visit by the Bank president Dr Akinwumi Adesina who pledged overwhelming support towards the re-engagement, arrears clearance, and debt resolution process being undertaken by the government.”
The visit will also afford the AfDB to get a deeper understanding of the economic reform process being undertaken by the government.
According to official statistics, Zimbabwe’s total Public and Publicly Guaranteed external debt, as at end of September 2022 was estimated at US$14.04 billion.
While some progress has been made towards servicing part of the country’s foreign debt, the payments have largely been of a token nature.
As a result, most international lenders have stopped giving fresh loans to the country until it clears its previous debts, a condition Zimbabwe has been unable to meet.
But, the government re-affirmed Zimbabwe’s commitment to resolve its foreign debt situation and restore its good standing with international lenders.
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