AfDB Annual Meetings: Finmin Ncube details Zimbabwe’s route to clearing arrears

The 58th Annual Meetings of the African Development Bank Group in Egypt witnessed discussions involving key figures such as the Board of Directors, Dr. Adesina, the former president of Mozambique, Chisana, and Zimbabwe's Finance Minister, Mthuli Ncube. The focus of the talks revolved around economic reforms, governance alignment, and land tenure system improvements. Minister Ncube outlined the country's roadmap to clearing arrears, emphasizing the importance of a sponsor emerging to provide critical lines of credit for Zimbabwe to address its financial challenges. He highlighted the need for an IMF staff-monitored program and expected timeframes for implementation. Discussing the impact of the strong U.S. dollar on African currencies, Minister Ncube shared measures being taken to stabilize the Zimbabwean dollar amidst market fluctuations. The interview also touched upon Africa's plea for better financial support and climate finance, calling for reforms in the global financial architecture to aid African countries facing rising debt levels and limited access to capital markets. Minister Ncube emphasized Zimbabwe's role in contributing to discussions aimed at enhancing the African Development Bank's support for the continent's development needs and addressing economic challenges.