Zimbabwe vote key to resolving debt crisis – African bank

The African Development Bank says the outcome of Zimbabwe’s upcoming presidential election and the issue of compensating white farmers are key factors in efforts to restructure its crippling debt.

ADB head, Akinwumi Adesina is directing efforts to help Zimbabwe pay off debt of more than $8bn (£6.4bn) to foreign countries and help in paying billions of dollars in compensation to white farmers, who had their land seized by the previous government of Robert Mugabe from 2000.

The country is seeking to raise $3.5bn to pay for improvements to machinery and buildings on farms although the government has refused to compensate for the land itself.

The country has over $14bn of external debt and has not received funding from lenders, including the International Monetary Fund and World Bank for more than 20 years as a result.