Date
20 April 2023
Harare, Zimbabwe. February, 23, 2023. The African Forum and Network on Debt and Development (AFRODAD) and The Zimbabwe Coalition on Debt and Development (ZIMCODD) participated in the High- Level Structured Dialogue Platform Meeting, that took place at Meikles Hotel, today 23 February 2023. The participation of His Excellency, Cde. Dr Emmerson D. Mnangagwa, President of the Republic of Zimbabwe and the appointments of His Excellency Dr. Akinwumi A. Adesina President of the African Development Bank Group, and His Excellency Joaquim A Chissano, former President of the Republic of Mozambique, as Co-Facilitators of this process, signals a much-needed sense of urgency and priority, as is reflected in the meaningful progress made during the past High-Level Structured Dialogue Platform Meeting held in December 2022.
The government of Zimbabwe has instituted a structured Dialogue Platform, between itself, its Creditors, and development partners towards Zimbabwe’s arrears clearance and debt resolution. Prior to the meeting, both ZIMCODD and AFRODAD decried the failure of the government of Zimbabwe and the international creditor community to heed to repeated warnings by African Civil Society Organisations (CSOs) as captured in the African Borrowing Charter and the Harare Declaration. The risks of unsustainable debt has undermined development progress in Zimbabwe for several decades and has resulted in millions of poor and marginalised Zimbabweans suffering the impact of severe austerity measures, unemployment, poverty and extreme inequality. Therefore, ZIMCODD and AFRODAD stand ready to support and work with the government of Zimbabwe on its arrears’ clearance and debt resolution.
The IMF projections for 2022, put Zimbabwe consolidated public sector debt at US$18.4 billion . Of major concern is the accumulation of external debt payment arrears and penalties for the past two decades, which are now estimated at US$6.6 billion, as at end June 2022 and US$6.3 billion as at the end of September 2022. The existence of these external debt payment arrears and penalties remain a major obstacle to the achievement of the National Development Strategy 1 (NDS1) objectives and the attainment of Vision 2030.
As the international creditor community focuses on resolving the debt crisis in Zimbabwe, it is important we work together to avert a widespread debt crisis through the implementation of economic growth enhancing policies, enhanced debt transparency, have creditors take responsibility in publishing what they are owed and taking part in restructuring processes, while acknowledging the role CSOs play in promoting sustainable debt and development therefore involving them accordingly.
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AFRODAD is a Pan-African organisation committed to assisting the long-term development of the continent; by promoting prudent debt and resource management, while also supporting the development
of solutions to multiple intersecting crises.
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ZIMCODD is a socio-economic justice coalition established to facilitate citizens` involvement in making public policy more pro-people and pro-poor.