HARARE, Nov. 25 (Xinhua) -- Zimbabwean President Emmerson Mnangagwa on Monday urged creditors and development partners to help the southern African country address its external debt, which is undermining economic development.
In his keynote address at the seventh high-level structured dialogue platform forum in Harare, Zimbabwe's capital, Mnangagwa said Zimbabwe had made tremendous progress in implementing economic, public sector, and governance reforms to pave the way for the successful resolution of the country's 21 billion U.S. dollars debt, made up of 13 billion dollars in external debt and 8 billion dollars in domestic debt.
He said the successful implementation of the arrears clearance and debt resolution strategy is key for Zimbabwe to unlock new concessional external financing that is critical for achieving economic development.
"Since the establishment of the structured dialogue platform process in 2022, we have registered tremendous progress, with growing consensus, trust, and confidence in this initiative," Mnangagwa said. "I call for the continued support of the international financial institutions, development partners, our creditors, and the international community for the arrears clearance and debt resolution process."
The arrears clearance and debt resolution process is being championed by African Development Bank (AfDB) President Akinwumi Adesina while former Mozambican President Joaquim Chissano is the high-level facilitator.
Mnangagwa reiterated Zimbabwe's commitment to the successful resolution of the arrears clearance and debt resolution process, pointing out that access to external concessional financing will be key for long-term funding of the country's development projects.
He said to anchor the implementation of further economic reforms under the debt resolution process, the Zimbabwean government is currently negotiating a Staff Monitored Program (SMP) with the International Monetary Fund.
Speaking at the same event, Adesina said the IMF staff mission is expected to prepare the framework for the SMP during its routine staff mission to Zimbabwe in January next year.
He lamented that years of Western sanctions on Zimbabwe have worsened the country's debt and called for concerted efforts to urgently resolve the debt crisis.
"The 21 billion dollars debt of Zimbabwe, of which the bulk is arrears, has made arrears the new debt stacked like piles of sandbags on the back of Zimbabwe. We all agree we must play our part to correct this anomaly and give a new lease of life to this nation and its people, so Zimbabwe can run again," Adesina added.
