Outgoing AfDB boss vows to continue backing Zim

Source: The Herald – Breaking news.

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 President Mnangagwa, flanked by former Mozambican President Joaquim Chissano (left) and African Development Bank president Dr Akinwumi Adesina (second from left) and Finance, Economic Development and Investment Promotion Minister (second from right) field questions from journalists after their meeting at State House in Harare yesterday. — Picture: Believe Nyakudjara

Wallace Ruzvidzo, Herald Reporter

AFRICAN Development Bank (AfDB) president Dr Akinwumi Adesina has reassured President Mnangagwa that he will continue championing Zimbabwe’s Arrears Clearance and Debt Resolution programme beyond his tenure at the continental bank.

Dr Adesina, whose term as AfDB president ends in August, and former Mozambican President Joachim Chissano, yesterday paid a courtesy call on President Mnangagwa at State House in Harare.

The President described the visit as “fantastic”.

“I had a wonderful chat with my two younger brothers. Time after time they come to the old man to take wisdom and I enjoy it,” President Mnangagwa said.

“So I had a fantastic morning talking to my two younger brothers. What else would I want when my younger brothers find time to come talk to me”.

Dr Adesina said his decision to stay on in the debt negotiations was influenced by Zimbabwe’s standing as a strategic country in the region.

The AfDB boss said he was “personally and fully committed” to seeing through the success of the arrears clearance platform.

“You know, this is a full commitment. I am personally committed to this. The African Development Bank is fully committed to this…you know, it goes beyond myself or my term because Zimbabwe is a very important part of the African Development Bank.

“Zimbabwe is a critical country in the SADC region and, in fact, I was talking to His Excellency (President Mnangagwa) about how we look at regional trade, and the Zimbabwe Railway network is critical in our centre for everything,” he said.

The AfDB, said Dr Adesina, remained a friend to Zimbabwe.

“So, we clearly, as the African Development Bank, are committed to this. And this, of course, will continue. We are a friend of Zimbabwe, and everybody else is,” he said.

Zimbabwe has a debt overhang of US$21,1 billion.

Of this, external debt stands at US$12,3 billion and domestic debt at US$8,7 billion, and the country has been making efforts to settle the arrears.

Dr Adesina said President Mnangagwa had shown tremendous goodwill from the onset towards the success of the arrears clearance process.

“All I can tell you is that the President is strongly supportive of this process and will do all it takes to make sure that this ends.

“We are excited about the progress we have made…all the bilateral partners that are here, World Bank, IMF and UNDP and everybody else, we are all working together for the same goal.

“And, you know, we are not fully there yet but we also, as African Development Bank, have been very supportive of this process,” he said.

Dr Adesina said everything was being done to ensure everything goes well, including the roping in of financial and legal advisory firms.

“We have a clear timeline that has been done. We have paid to secure a global financial advisory firm to support Zimbabwe towards that end.

“We have also paid for a legal advisory firm that is advising the country and we are looking into how to get the bridge financing framework in place that will allow Zimbabwe to be able to clear some of the arrears that it has in multilateral financial institutions,” he said.

Former President Chissano said there was progress being made in engaging international lending institutions and it was especially encouraging to note that the AfDB remained committed to Zimbabwe’s arrears clearance process.

“So, it is about the progress that we are reaching in all the processes. It is a matter of continuation, and I think that soon, we will have better results.

“I also was worried that when he (Dr Adesina) leaves, what is going to happen but he reassured me that he personally will continue with us, but also the bank will continue with us.

“So, we are satisfied with all the measures that are being taken to stabilise the country in all forms,” he said.

Former President Chissano said the future was bright for Zimbabwe’s continued economic growth.

“We are happy that there is immense hope for economic growth in the country and that the agriculture sector will grow better.

“And we are expecting to have better wheat, and maybe we will buy from here,” he said.