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AfDB approves US$4m grant for Zimbabwe debt arrears process
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The African Development Bank Group has approved a US$4 million grant to support Zimbabwe's debt arrears clearance and re-engagement process with the international financial community.
The funding will finance the Zimbabwe Arrears Clearance Dialogue Enhancement Project (ZACDEP), an initiative aimed at strengthening dialogue platforms and supporting reforms required to advance the country's arrears clearance efforts.
Zimbabwe has in recent years intensified efforts to normalise relations with international lenders and creditors as part of a broader strategy to unlock fresh lines of credit, attract foreign investment and stimulate economic growth.
The country's arrears clearance and debt restructuring process has been a central pillar of government economic policy as authorities seek to restore confidence among international financial institutions and development partners.
According to official figures, Zimbabwe's public debt stood at approximately US$21.5 billion at the end of last year.
Of that amount, around US$11.7 billion constitutes external debt, with nearly US$7.7 billion owed to multilateral and bilateral creditors.
The latest support from the African Development Bank Group is expected to assist ongoing dialogue and reform efforts aimed at paving the way for debt resolution and broader economic re-engagement with the international community.
The funding will finance the Zimbabwe Arrears Clearance Dialogue Enhancement Project (ZACDEP), an initiative aimed at strengthening dialogue platforms and supporting reforms required to advance the country's arrears clearance efforts.
Zimbabwe has in recent years intensified efforts to normalise relations with international lenders and creditors as part of a broader strategy to unlock fresh lines of credit, attract foreign investment and stimulate economic growth.
The country's arrears clearance and debt restructuring process has been a central pillar of government economic policy as authorities seek to restore confidence among international financial institutions and development partners.
According to official figures, Zimbabwe's public debt stood at approximately US$21.5 billion at the end of last year.
Of that amount, around US$11.7 billion constitutes external debt, with nearly US$7.7 billion owed to multilateral and bilateral creditors.
The latest support from the African Development Bank Group is expected to assist ongoing dialogue and reform efforts aimed at paving the way for debt resolution and broader economic re-engagement with the international community.
Source - The Chronicle
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