Zimbabwe paying Ian Smith regime debt used for fighting liberators

Zimbabwe has been burdened with a staggering $700 million debt incurred during the Ian Smith regime, primarily used for purchasing weapons to suppress liberation efforts, according to researcher and Australian health practitioner Jane Woods.

Woods, a board member and trustee of the Zimbabwe Information Centre in Sydney, made this revelation during last week's commemoration of Bishop Abel Muzorewa's legacy.

While researching sanctions, Woods discovered the alarming history behind Zimbabwe's debt, stating, "The freedom that Zimbabwe regained in 1980 was actually short-lived." She explained that the country inherited this enormous debt from Rhodesia, questioning the potential interest accrued since 1980. “The mind boggles when you try to calculate what the interest on that amount could be,” she noted.

Woods emphasized that the new political leaders, in signing the peace deal in London, agreed to assume the debt incurred by Smith's regime, which was used to fund violence against black Zimbabweans. "It's so ugly, it is very hard to understand how immoral it is," she said. Woods speculated that while the new leadership was aware of the debt, they may have believed that the country’s rich resource base would make it easier to manage. She expressed concern that they signed under duress as a condition of the negotiations.

This claim is supported by the UK-based organization Debt Justice, which states on its website that "At Zimbabwe's birth in 1980, the country inherited a $700 million debt from the Rhodesian government of Ian Smith." The loans were reportedly used to procure weapons in the 1970s, violating UN sanctions. The new government faced international pressure to assume this debt, despite promises of over $2 billion from Western nations for reconstruction and development.

Woods further highlighted that Zimbabwe's overall debt, including obligations to other countries and Bretton Woods institutions, accounts for about 50% of the nation's gross domestic product (GDP). "Debt is a tool of poverty," she explained. "It is a way of keeping poor countries from getting ahead. But Zimbabwe is in a unique position to make debt forgiveness a reality."

Woods' sentiments echo recent remarks by Pope Francis, who stated that it is impossible for poor countries to repay trillions of dollars in debt owed to wealthy nations. He condemned debt as a significant factor contributing to misery and distress in poorer countries.