AfDB boss in Zim to get debt clearance plan underway

African Development Bank Group president Dr Akinwumi Adesina arrived in Zimbabwe today for a two-day official visit.

Dr Adesina accepted a request in February by the Government to serve as the country’s arrears clearance and debt resolution champion among international financial institutions and bilateral creditors.

He is expected to meet President Mnangagwa, Finance and Economic Development Minister Profesor Mthuli Ncube who is also Zimbabwe’s Governor on the Bank Group’s Board of Governors.

Discussions will focus on potential areas of technical assistance that the African Development Bank will provide to the Government. President Mnangagwa, who was elected in 2018, has introduced several economic reforms to stimulate economic recovery and stability.

Tomorrow, Dr Adesina is expected to address the media on a range of issues.

Dr Adesina will meet with several African and G7 ambassadors and representatives of international financial institutions accredited to Zimbabwe.

Zimbabwe is the only regional member country of the AfDB under sanctions from the Bank and other multilateral financial institutions because of debt arrears amounting to over US$2,6 billion.

The AfDB has run the US$145,8 million Zimbabwe Multi-Donor Trust Fund (ZimFund) from 2010 through June this year.

The ZimFund has been an important source of financial support for the country’s energy, water and sanitation infrastructure.

The seven ZimFund financiers are the United Kingdom, Australia, Germany, Sweden, Denmark, Norway and Switzerland.-The Herald