IMF, World Bank urged to back Zim economic recovery efforts
THE International Monetary Fund (IMF) and the World Bank have been urged to support Zimbabwe’s economic revival efforts as the country’s prosperity can have positive ripple effects in the Southern African Development Community region and beyond.
The call was made by former Mozambican President Dr Joaquim Chissano and African Development Bank (AfDB) president Dr Akinwumi Adesina, who serve as the High-Level Facilitator and Debt Champion for Zimbabwe’s arrears clearance and debt resolution efforts, along with the SADC Secretariat.
Zimbabwe is currently participating in the Annual and Spring Meetings of the IMF and the World Bank Group in Washington DC, US.
Yesterday, the Zimbabwean team and its partners met the IMF Executive Director, Mr Adriano Isais Ubise, to discuss Zimbabwe’s economic reforms and debt sustainability.
Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube is leading the Zimbabwean delegation.
Each year, the Annual and Spring Meetings bring together central bankers, ministers of finance, private sector executives, civil society representatives and academics to discuss the state of the global economy and issues of international concern, such as the growth outlook, financial stability and poverty reduction.
Treasury said Zimbabwe was engaging key stakeholders at the Meetings to discuss the country’s economic progress and future plans.
“The Minister of Finance, Prof Mthuli Ncube, is leading a delegation to the IMF/World Bank Spring Meetings in Washington DC.
“The team met with IMF Executive Director, Mr Adriano Isais Ubise, to discuss Zimbabwe’s economic reforms and debt sustainability.
“Former Mozambican President Joaquim Chissano and AfDB president Dr Akinwumi Adesina are calling on the international community to support Zimbabwe’s debt clearance and economic revival efforts,” wrote the Ministry of Finance, Economic Development and Investment Promotion on its official X handle.
Zimbabwe, said the ministry, had made progress on the land tenure, governance and economic reform tracks under the arrears clearance and debt resolution platform.
The country has also reached a concession with the IMF on a Staff Monitored Programme (SMP), paving the way for economic development and progress towards the attainment of Vision 2030.
“A big step forward for our nation’s economic growth and prosperity,” said Treasury.
In a brief statement, the SADC Secretariat said the bloc’s Executive Secretary Mr Elias Magosi was also spearheading efforts towards attracting international support for Zimbabwe’s efforts.
“On the margins of the #IMF and #WorldBank2025springmeetings the #SADC Executive Secretary @EliasMagosi today, April 21, 2025, participated in Zimbabwe’s arrears clearance and debt resolution process briefing and advocated for expanded international support adding that Zimbabwe’s economic recovery is critical to the Southern African Development Community’s regional stability, economic integration and sustainable development,” said the Secretariat.
Zimbabwe’s debt overhang currently stands at US$21 billion.
A large part of this debt, especially the external portion, is in arrears, which prevents the country from obtaining concessional loans from important institutions including the World Bank and the AfDB.
In a significant move towards addressing this issue, President Mnangagwa appointed Dr Adesina as the Champion of the debt clearance process, while former Mozambican leader Chissano was named High-Level Facilitator of the process in 2022.-herald