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Zimbabwe is under increasing financial pressure as it implements reforms aimed at restructuring its $21 billion debt to international creditors, according to African Development Bank President Akinwumi Adesina. As of December 2023, the Reserve Bank of Zimbabwe has transferred $3.66 billion of external debt to the Treasury.
Zimbabwe plans to pay $331 million to 439 former white farmers whose land was seized in 2000, as part of efforts to restructure its significant debt. This move aims to facilitate negotiations with creditors, allowing the nation to access international capital markets after being locked out for over two decades.
Ivory Coast is launching a $500 million green-financing facility aimed at combating climate change, supported by the African Development Bank and the Climate Investment Funds. This initiative is part of the country's strategy to reduce greenhouse gas emissions by one third by 2030 while enhancing climate resilience.
The European Central Bank (ECB) has blocked efforts by the African Development Bank (AfDB) and Inter-American Development Bank (IDB) to secure special drawing rights (SDRs) from Eurozone nations for climate finance, citing legal incompatibilities. Despite support from France and Italy, Germany opposes reallocating SDRs, which the ECB views as a risk to financial stability. Economists suggest that direct allocation of SDRs to multilateral development banks could be a solution, but achieving the necessary consensus within the IMF remains challenging.
Akinwumi Adesina
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Zimbabwe faces increased financial pressure amid debt reform efforts
16:59 26.11.2024
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