Zimbabwe Secures UK, France Support to Tackle $2.7 Billion Debt

Zimbabwe has secured support from the United Kingdom (UK) and France to help address its US$2.7 billion debt arrears, with both countries joining a new Debt Consultative Group (DCG) under the country’s Structured Dialogue Platform.

The two European nations will co-chair the group, which is expected to lead efforts to restructure Zimbabwe’s debt and restore access to international financing.

Zimbabwe’s Ministry of Finance, Investment Promotion and Economic Development described the move as a major step towards resolving the country’s long-standing debt challenges and rebuilding confidence in its economic reforms.

Zimbabwe Mourns UK Killings, Father Charged

“The forum will coordinate engagement with creditors, support implementation of the 10-month International Monetary Fund (IMF) Staff-Monitored Programme, and advance Zimbabwe’s US$2.7 billion arrears clearance and debt restructuring roadmap,” the ministry said.

Zimbabwe Gets UK, France Support to Tackle $2.7 Billion Debt. Credit: BBC.

The Debt Consultative Group will also focus on improving Zimbabwe’s relationship with foreign creditors, a move officials say is critical for attracting affordable long-term financing for infrastructure development, industrial growth and economic expansion.

The ministry said the Structured Dialogue Platform shows Zimbabwe and its international partners’ commitment to finding a lasting solution to the country’s debt problems through economic reforms and cooperation.

The DCG is expected to hold its first meeting this month, the ministry revealed on Tuesday, via an email from the country’s capital, Harare.

Zimbabwe is pushing to regain access to international financial support after years of economic challenges.

Author

Deborah Akwa

Deborah Akwa is a content writer with over four years of experience creating brand stories, editorial content, and audience-focused articles on topics like health, lifestyle, and entertainment.

When she isn't writing, she is behind the scenes managing editorial operations and helping the content team work better.

She loves using words to connect brands with their audiences. Outside of work, she enjoys watching movies and engaging in thought-provoking conversations.