Zimbabwe’s President Emmerson Mnangagwa hosted creditors and finance executives on Monday to discuss plans for clearing the country’s $12.7 billion external debt and restructuring arrears.
With the nation’s debt representing 81% of its GDP, the task is daunting for a country with a history of financial crises, including hyperinflation and failed currency reforms.
Mnangagwa revealed that Zimbabwe is negotiating a Staff Monitored Program (SMP) with the International Monetary Fund (IMF), which would pave the way for key policy reforms. African Development Bank (AfDB) President Akinwumi Adesina expressed the AfDB’s readiness to provide financial support for these reforms and help…
