At
a
roundtable
meeting
on
Zimbabwe’s
Arrears
Clearance
and
Debt
Resolution
Process
held
on
the
sidelines
of
the
IMF
and
World
Bank
Group
Spring
Meetings
in
Washington,
participants
highlighted
achievements
in
two
of
three
reform
areas:
economic
growth
and
stability,
land
reforms,
and
compensation
of
former
farm
owners.
However,
they
called
for
more
effort
in
the
governance
pillar.
“The
parameters
of
the
dialogue
have
been
set.
Most
issues
have
been
dealt
with.
Commitments
and
targets
have
been
agreed
upon.
We
should
all
be
proud
of
the
dialogue
process
and
what
it
has
achieved,”
said
Joachim
Chissano,
former
president
of
Mozambique
and
facilitator
of
Zimbabwe’s
Arrears
Clearance
and
Debt
Resolution
Process.
Other
speakers
included
Dr Akinwumi
Adesina,
President
of
the
African
Development
Bank
and
champion
of
the
dialogue
process;
Ndiamé
Diop,
the
World
Bank
Vice
President
for
Eastern
and
Southern
Africa;
Abebe
Selassie,
Director
of
the
African
Department
at
the
International
Monetary
Fund
(IMF),
who
represented
the
Managing
Director,
Kristalina
Georgieva;
representatives
of
the
governments
of
the
Netherlands,
France,
the
United
Kingdom,
and
Germany;
and
the
Southern
African
Development
Community
Executive
Secretary
Elias
M.
Magosi.
“Zimbabwe
has
made
a
lot
of
progress,
against
all
odds,”
said
Adesina,
pointing
out,
however,
that
recent
ascent
to
the
Private
Voluntary
Organization
(PVO)
bill
is
a
significant
setback
and
poses
a
risk
to
the
arrears
clearance
and
debt
resolution
process.
Adesina
laid
out
several
concrete
next
steps,
including
the
need
for
the
IMF
to
approve
the
Staff
Monitored
Programme
for
Zimbabwe
at
the
Spring
Meetings,
support
from
potential
donors
for
bridge
loan
financing,
exploration
of
additional
resources
from
the
African
Development
Fund,
and
prioritisation
of
Zimbabwe’s
arrears
clearance
within
the
G20
Common
Framework.
He
said
the
African
Development
Bank
Group
will
explore
the
possibility
of
mobilising
additional
resources
for
Zimbabwe’s
arrears
clearance
within
the
framework
of
the
17th
replenishment
of
the
African
Development
Fund
coming
up
towards
the
end
of
the
year.
This
will
form
part
of
an
agreed-upon
process
for
clearing
the
bridge
loan.
“Similarly,
we
encourage
the
World
Bank’s
International
Development
Association
to
do
the
same
to
clear
arrears,”
the
Bank
Group
president
said.
“To
move
the
arrears
clearance
and
debt
resolution
forward,
the
African
Development
Bank
Group
is
financing
the
Global
Sovereign
Advisory
and
legal
advisors,
Kepler-Karst,
to
support
the
arrears
clearance
and
debt
resolution
process,
with
clear
timelines,”
Adesina
said.
Progress
across
three
reform
pillars
Chissano
outlined
other
reforms
that
the
Zimbabwe
government
undertook
within
the
dialogue
process
framework,
including
the
Reserve
Bank
of
Zimbabwe
ceasing
its
quasi-fiscal
operations,
with
all
liabilities
transferred
to
the
treasury;
the
exchange
rate
system
moving
closer
to
market-determined
rates;
prudent
fiscal
policy
and
expenditure
rationalisation
being
pursued;
and
the
ongoing
token
payments
to
creditors.
Under
the
land
tenure
reform,
Chissano
and
other
speakers
welcomed
the
ongoing
compensation
for
former
farm
owners
and
the
Farm
Title
Deed
programme
launched
in
December
2024.
The
programme
provides
for
a
99-year
lease
agreement
that
is
bankable
and
transferable.
Regarding
governance
reforms,
the
meeting
heard
that
Zimbabwe
had
abolished
the
death
penalty
and
that
other
significant
reforms
were
underway
to
improve
efficiency
in
the
justice
sector,
enhance
measures
to
fight
corruption,
and
improve
public
sector
transparency
and
accountability.
However,
like
other
speakers,
Chissano
noted
that
challenges
remain
in
civil
society
engagement,
democratic
elections,
judicial
processes,
freedom
of
assembly,
and
freedom
of
expression.
“These
challenges
show
that
dialogue
is
still
needed
for
reforms
to
take
root.
They
also
show
that
political
reforms
are
not
a
linear
process,”
he
said,
urging
that
these
challenges
“should
mobilise
us
to
redouble
our
efforts
and
re-energise
the
dialogue
process.”
The
government
of
Zimbabwe
has
proposed
a
plan
to
secure
bridge
financing
of
$2.6
billion
to
clear
arrears
to
international
financial
institutions.
In
his
presentation,
Zimbabwe’s
Minister
of
Finance,
Economic
Development,
and
Investment
Promotion,
Mthuli
Ncube
said
the
country’s
economic
outlook
shows
signs
of
recovery
with
expected
growth
of
6.0%
in
2025.
This
is
a
remarkable
improvement
on
last
year’s
2.0%
due
to
severe
drought.
The
introduction
of
ZiG
currency
in
April
2024
is
helping
to
restore
macroeconomic
stability.
The
arrears
clearance
roadmap
aims
to
secure
and
implement
a
Staff
Monitored
Programme
with
the
IMF
in
2025,
develop
a
credible
strategy
to
close
the
fiscal
financing
gap,
clear
arrears
with
international
financial
institutions
by
early
2026,
and
complete
comprehensive
debt
restructuring
under
the
G20
Common
Framework.
The
Southern
African
Development
Community
Executive
Secretary,
Elias
M.
Magosi,
said
Zimbabwe
should
be
supported
to
bounce
back,
pointing
to
its
strategic
role
in
regional
trade,
integration,
and
development.
Back
in
Zimbabwe,
the
former
president
of
the
Commercial
Farmers
Union,
Mr.
Andrew
J.
Pascoe,
confirmed
receipt
of
payments
made
to
former
landowners,
describing
the
development
as
“another
momentous
event.”
“Monday,
24
March
2025,
saw
the
first
US
Dollar
Cash
payments
due
under
this
plan
being
paid
to
the
signed-up
Former
Farm
Owners
(FFOs),”
he
said.
“After
almost
20
years,
we,
as
Zimbabweans
had
been
able
to
put
aside
our
differences
and,
in
an
atmosphere
of
mutual
respect
and
trust,
negotiated
an
agreement
that
laid
the
foundation
for
the
payment
of
compensation
for
improvements
on
farms
which
the
government
of
Zimbabwe
had
acquired
under
the
Fast
Track
Land
Reform
Programme.”
“I
would
like,
as
a
representative
of
these
farmers,
to
sincerely
thank
His
Excellency,
President
Dr.
E.D.
Mnangagwa
and
his
government
for
standing
by
the
commitment
made
by
His
Excellency
in
2018
to
pay
compensation
for
acquired
farms
in
line
with
the
Constitution
of
Zimbabwe,”
he
said.
Nearly
three
years
ago,
President
Emmerson
Mnangagwa
asked
Dr Adesina
to
champion
Zimbabwe’s
arrears
clearance
and
debt
resolution
process.
“I
knew
the
job
would
be
difficult,”
Adesina
recalled
and
expressed
confidence,
saying,
“We
will
succeed
in
giving
Zimbabwe
and
its
people
a
full
arrears
clearance
and
debt
resolution
so
that
it
can
receive
critical
concessional
financing
needed
to
boost
its
growth
and
development
further.”
“Now,
we
all
should
rally
around
it
to
conclude
this
process,”
he
added.