Chissano meets Mnangagwa over debt clearance program

Former President of Mozambique, Joaquim Chissano, paid a visit to President Emmerson Mnangagwa on Monday to address political and socio-economic concerns affecting Zimbabwe.

Chissano, who serves as the High-Level Facilitator for Zimbabwe's debt clearance efforts, was accompanied by Luisa Diogo, a technical advisor and former Prime Minister of Mozambique.

Following their meeting at State House, Chissano expressed that his primary objective was to assess the progress made in clearing the national debt.

Zimbabwe currently faces a substantial debt burden, owing over USD17.5 billion to international financial institutions such as the IMF, World Bank, African Development Bank, and European Investment Bank.

Of this debt, US$14.04 billion is owed to international creditors, US$3.4 billion to domestic creditors, US$5.75 billion to bilateral creditors, and US$2.5 billion to multilateral creditors.

Chissano emphasized the importance of understanding Zimbabwe's political and socio-economic landscape, as he plays a pivotal role in facilitating discussions with international financial institutions and partners. He highlighted governance and economic concerns as key areas of dialogue.

With Chissano's assistance, Zimbabwe has initiated structured dialogue sessions with creditors to address its debt challenges.

Finance Minister Mthuli Ncube clarified that Chissano's visit was part of ongoing discussions regarding debt arrears, economic issues, currency reform, and compensation for white farmers. Ncube also mentioned upcoming meetings with global financial institutions, where Zimbabwe will continue its dialogue on resolving debt issues.

Since late 2022, the Zimbabwean government has been actively working to resolve its official debt and clear arrears with international creditors, including the African Development Bank.