By Nyasha Chingono and Duncan Miriri
Zimbabwe’s president hosted creditors and finance executives on Monday to discuss ambitious goals to clear debt arrears and restructure $12.7 billion in external debt, as the country aims to eventually tap international capital markets for the first time in more than two decades.
The Southern African nation’s debt pile accounts for 81% of gross domestic product, and clearing it will be a tough challenge for a country that has faced numerous financial crises in recent decades, from repeated bouts of hyperinflation to multiple unsuccessful attempts to launch new currency regimes.
President Emmerson Mnangagwa told the conference that Zimbabwe is negotiating a Staff Monitored Program (SMP) with the International Monetary Fund.
Securing an SMP would set the stage for required policy reforms, African Development Bank (AfDB) President Akinwumi Adesina told the conference.
“That is the key,” he said, adding that AfDB stood ready to offer
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