PHOTO NEWS: Adesina leads AfDB effort to restructure Zimbabwe’s foreign debts
The African Development Bank (AfDB), led by its President, Dr. Akinwumi Adesina, is playing a pivotal multilateral role in Zimbabwe to resolve the country’s long-standing debt crisis and reintegrate it into global financial systems.
Adesina and former President of Mozambique, Joaquim Chissano, have been co-appointed as champions to guide Zimbabwe’s debt clearance and arrears resolution through a #StructuredDialoguePlatform. This platform includes stakeholders, creditors, development partners, and the Zimbabwean government.
Their efforts have focused on building consensus and fostering collective action to address economic and governance challenges while advocating for reforms in Zimbabwe.
As part of its efforts, Zimbabwe has announced a $331 million compensation package for 439 former landowners whose lands were seized. While the issue remains contentious among some groups due to historical grievances, compensating farmers is a key component of the negotiations.
Adesina has expressed optimism about a potential resolution, emphasizing collaboration and long-term solutions.
With an external debt of $13.5 billion, the #AfDB has supported #Zimbabwe by providing financial guarantees and technical assistance to rebuild trust with international creditors. This includes a $7.5 million trade finance facility aimed at bolstering exports and strengthening private sector confidence.
