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Africa Moyo in SHARM EL-SHEIKH, Egypt

Zimbabwe will today meet some of its creditors and development partners during a conference aimed at updating them on the country’s debt and arrears clearance process.

The engagement will be held on the sidelines of the ongoing annual meetings of the African Development Bank (AfDB).

The interaction, dubbed “The Round Table on Zimbabwe Debt Arrears Clearance” to be held in Sharm el-Sheikh, is expected to run from 5:30pm until 7pm (4:30pm to 6pm in Zimbabwe).

In an interview yesterday, Finance and Economic Development Minister Professor Mthuli Ncube said the crucial meeting away from home, provides Zimbabwe an opportunity to reaffirm its commitment to settle the debt and arrears.

“Today (yesterday) is the first day of the annual meetings of the African Development Bank and His Excellency (President Mnangagwa) is here leading the Zimbabwe delegation of which I am part of,” said Prof Ncube.

“Tomorrow (today) we have a special on Zimbabwe’s arrears clearance programme where again His Excellency himself will be presenting on the process so far.

“He will be assisted by the champion, who is the president of the African Development Bank (Dr Akinwumi Adesina) who will be giving a briefing to the board of governors and board of directors of the African Development Bank.”

President Mnangagwa will also be explaining what has taken place so far in the debt and arrears clearance process, and “show that Zimbabwe is committed to this process”, said Prof Ncube.

Former Mozambique President Joachim Chissano, who is the high-level facilitator of Zimbabwe’s debt and arrears clearance process, is also in Sharm el-Sheikh to engage with creditors and development partners.

Said Prof Ncube: “So we expect this meeting to go well and again, it will show that the world is committed to supporting Zimbabwe’s debt and arrears clearance process.”

A flier advertising the conference that was prepared by the AfDB says Zimbabwe’s long outstanding debt (and) arrears continue to be a “major impediment to its socio-economic development”.

“The AfDB is leading the

process to clear the debts and arrears, working closely with the Government of Zimbabwe (GoZ) and other development partners.

“The AfDB in collaboration with the GoZ will host a Round Table on Zimbabwe Debt Arrears clearance on the sidelines of the annual meeting in Sharm el-Sheikh,” reads the flier.

There’s excitement among creditors, development partners and journalists from across the world to attend the engagement.

When President Mnangagwa walked into the venue of the AfDB annual meetings opening ceremony yesterday, with Egyptian President Abdel Fattah El-Sisi, one journalist was heard saying: “That’s Zimbabwe’s President who will speak about his country’s debt plan tomorrow (today)”.

Harare has made significant headway in its debt and arrears resolution process, with many creditors welcoming the process.

Zimbabwe’s total consolidated debt stands at US$17,5 billion.

Debt owed to international creditors stands at US$14,04 billion, while domestic debt stands at US$3,4 billion. Debt owed to bilateral creditors is estimated at US$5,75 billion, while debt to multilateral creditors is estimated at US$2,5 billion. The country is in arrears for servicing its debt, with arrears to multilateral development banks, including the African Development Bank, the World Bank, and the European Investment Bank.

Harare has concluded a fourth Structured Dialogue Platform meeting on debt clearance with creditors and development partners.

Government and development partners met as recently as May 11, to review three draft policy reform matrices prepared by sector working groups on economic, governance and land tenure reforms.

They also looked at compensation of former farm owners, and the resolution of Bilateral Investment Promotion and Protection Agreements (BIPPAs).

In December last year, the Government established a Structured Dialogue Platform with all creditors and development partners, to institutionalise structured dialogue on economic and governance reforms to underpin the arrears clearance and debt resolution process.

President Mnangagwa appointed Dr Adesina as Champion of the debt and arrears resolution process in July last year.

The dialogue meetings are expected to continue after elections due in August this year.