Zimbabwe Set To Begin US$331 Million Payment To White Former Farmers
Zimbabwe plans to pay $331 million to White former farmers whose land was seized in 2000 as part of efforts to restructure its $21 billion debt, reported Bloomberg.
Speaking at a debt conference with the nation’s creditors in the capital, Harare, African Development Bank President Akinwumi Adesina said that Zimbabwe has identified at least 439 former landowners as beneficiaries for the financial settlement, with $35 million allocated in this year’s budget to begin payments.
He said the debt will be settled through bonds, with the first step of payments set to begin soon.
In 2022, President Emmerson Mnangagwa enlisted the help of Adesina and former Mozambican President Joaquim Chissano to lead talks with creditors, including the World Bank and the Paris Club.
Zimbabwe has struggled with a $21 billion debt, much of which is in arrears, preventing the country from accessing financing from international lenders like the IMF. Said Adesina:
We can all agree that we must play our part to correct this anomaly by giving a new lease of life to this nation and its people. Zimbabwe is too critical for the world to ignore.
More: Pindula News
