Photos: African Development Bank\Wikimedia Commons
Zimbabwe has laid out economic, governance and land management policies to its creditors in the hope it will pave the way for a return to international capital markets.
President Emmerson Mnangagwa presented the plans on Monday at a debt conference in Harare. The proposals include a $331 million package to compensate white farmers whose ranches were seized in 2000.
Zimbabwe’s debt currently stands at $21 billion — around 81% of GDP. This is made up of $13 billion in external debt and $8 billion owed to local lenders. The weakening of its recently introduced gold-backed currency has compounded the country’s long-running economic woes.
African Development Bank President Akinwumi Adesina, in his role as Zimbabwe’s chief debt negotiator, said he wants to secure a restructuring deal for Zimbabwe before his term ends next August.
