Zimbabwe's President Emmerson Mnangagwa hosted creditors and finance executives on Monday to discuss plans for clearing the country's $12.7 billion external debt and restructuring arrears. African Development Bank (AfDB) President Akinwumi Adesina expressed the AfDB's readiness to provide financial support for these reforms and help clear arrears. Finance Minister Mthuli Ncube said timelines for debt restructuring would be clearer by mid-2025, once Zimbabwe secures bridge financing from lenders. The IMF has been unable to provide financial support due to Zimbabwe's unsustainable debt. Zimbabwe's debt situation remains complex, with a significant portion of the debt in arrears and penalties, limiting access to international financial assistance.

Source: Ethiopian News November 25, 2024 13:50 UTC