{"id":78138,"date":"2023-05-22T21:59:43","date_gmt":"2023-05-22T19:59:43","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-debt-clearance-tied-to-farmers-compensation-and-credible-polls"},"modified":"2023-05-23T01:10:41","modified_gmt":"2023-05-22T23:10:41","slug":"zimbabwe-debt-clearance-tied-to-farmers-compensation-and-credible-polls","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-debt-clearance-tied-to-farmers-compensation-and-credible-polls","title":{"rendered":"Zimbabwe debt clearance tied to farmers\u2019 compensation and credible polls"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>By Zeenat Hansrod, RFI<\/b><\/p>\n

THE African Development Bank has moved to fast-track Zimbabwe\u2019s $3.5 billion compensation to white farmers whose land was seized under former president Robert Mugabe\u2019s reforms. The bank is leading efforts to clear Zimbabwe\u2019s crippling debts.<\/p>\n

\u201cA revived Zimbabwe is good for Africa. A revived Zimbabwe is good for the world,\u201d said Akinwumi Adesina, president of the African Development Bank (AfDB) at a debt resolution forum held this week in the capital Harare.<\/p>\n

The AfDB is co-chairing a process aimed at clearing the country\u2019s $6 billion of external debt arrears that also includes reforms to the exchange rate and central bank.<\/p>\n

\u201cZimbabwe cannot run up the hill of economic recovery carrying a backpack of debt on its back,\u201d Adesina said.<\/p>\n

He added that Zimbabwe\u2019s combined $8.3 billion debt was overwhelmingly in arrears. On top of this, Zimbabwe owes international creditors $14 billion.<\/p>\n

\u201cThe debt itself is not as debilitating as the arrears on the debt since the country cannot access international concessional financing, or other revenue, or less expensive financing to pay down its debt obligations,\u201d explained Adesina.<\/p>\n

Without the support of international backers, Zimbabwe is struggling to secure new credit lines and attract foreign investment to revive its economy.<\/p>\n

The country has not been able to secure financing from the likes of the International Monetary Fund in over two decades due to its arrears.<\/p>\n

Compensation for expropriated white farmers is one of the conditions set by the country\u2019s main creditors for accepting a debt arrears clearance program.<\/p>\n

$3.5 billion for white farmers<\/b><\/p>\n

The AfDB is working with Zimbabwe to develop innovative financial instruments and structures that can be used to mobilise $3.5 billion for compensations to white farmers, without getting into further debt.<\/p>\n

\u201cIt is important that we find a mechanism to try to fast-track the payment of these compensations. Further delay will cause lack of trust,\u201d the AfDB president added.<\/p>\n

Early this year, commercial farmers rejected the government\u2019s proposal to compensate them through treasury bills over a period of 10 years.<\/p>\n

In July 2020, Zimbabwe\u2019s President, Emmerson Mnangagwa, and the president of the Commercial Farmers Union of Zimbabwe, Andrew Pascoe, signed an agreement to compensate the white farmers to the tune of $3.5 billion.<\/p>\n

Those to be compensated are some 4,500 white landowners evicted from their lands in the 2000s as part of a violent and controversial land reform initiated by former president Robert Mugabe.<\/p>\n

Adesina commended the government for its decision to make land titles available to enhance the security of commercial farmland.<\/p>\n

\u201cThese would be for 99-year leases which are also commercially viable, bankable, and transferable,\u201d he said.<\/p>\n

July elections<\/b><\/p>\n

The success of the efforts we have put into this process will depend on what happens with the upcoming presidential elections [due in July 2023],\u201d Adesina said.<\/p>\n

He is working with the facilitator of the high-level dialogues, former President of Mozambique Joaquim Chissano, in leading efforst to help Zimbabwe re-engage with the West.<\/p>\n

Chissano said that free and fair elections and settling the issue of compensation for white farmers are key in advancing dialogue with the West and financial institutions.<\/p>\n

\u201cThe people of Zimbabwe and the international community will be watching very closely. The full weight of re-engagement with the international community will not just depend on the election, but on the entire electoral process that guarantees a credible election,\u201d said Adesina.<\/p>\n

In May AfDB chief and Chissano met with leaders in the US Congress, Treasury Department, State Department and other US agencies to discuss Zimbabwe.<\/p>\n

\u201cThe crisis in the country is having terrible consequences for the region as Zimbabwe lies at the heart of southern Africa,\u201d Chissano said.<\/p>\n

Zimbabwe is the gateway into southern Africa and regions further north for goods and services from South Africa.<\/p>\n

Road infrastructure linking the region via Zimbabwe has played an important role for free trade.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. By Zeenat Hansrod, RFI THE African Development Bank has moved to fast-track Zimbabwe\u2019s $3.5 billion compensation to white farmers whose land was seized under former president Robert Mugabe\u2019s reforms. The bank is leading efforts to clear Zimbabwe\u2019s crippling debts. \u201cA revived Zimbabwe is good for Africa. A revived Zimbabwe is good for […]<\/p>\n","protected":false},"author":84,"featured_media":78137,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[1493,2189,19],"class_list":["post-78138","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-zimbabwe-2","tag-zimbabwe"],"yoast_head":"\nZimbabwe debt clearance tied to farmers\u2019 compensation and credible polls - zimbabwe<\/title>\n<meta name=\"description\" content=\"By Zeenat Hansrod, RFI THE African Development Bank has moved to fast-track Zimbabwe\u2019s $3.5 billion compensation ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-debt-clearance-tied-to-farmers-compensation-and-credible-polls\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zimbabwe debt clearance tied to farmers\u2019 compensation and credible polls\" \/>\n<meta property=\"og:description\" content=\"By Zeenat Hansrod, RFI THE African Development Bank has moved to fast-track Zimbabwe\u2019s $3.5 billion compensation ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-debt-clearance-tied-to-farmers-compensation-and-credible-polls\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-22T19:59:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-22T23:10:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/05\/sm_1684780673.1759.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-debt-clearance-tied-to-farmers-compensation-and-credible-polls#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-debt-clearance-tied-to-farmers-compensation-and-credible-polls\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Zimbabwe debt clearance tied to farmers\u2019 compensation and credible polls\",\"datePublished\":\"2023-05-22T19:59:43+00:00\",\"dateModified\":\"2023-05-22T23:10:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-debt-clearance-tied-to-farmers-compensation-and-credible-polls\"},\"wordCount\":658,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-debt-clearance-tied-to-farmers-compensation-and-credible-polls#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/05\/sm_1684780673.1759.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zimbabwe\",\"Zimbabwe\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-debt-clearance-tied-to-farmers-compensation-and-credible-polls#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-debt-clearance-tied-to-farmers-compensation-and-credible-polls\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-debt-clearance-tied-to-farmers-compensation-and-credible-polls\",\"name\":\"Zimbabwe debt clearance tied to farmers\u2019 compensation and credible polls - 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