Wednesday, July 2, 2025
  • Who’sWho Africa AWARDS
  • About Time Africa Magazine
  • Contact Us
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
No Result
View All Result
  • Home
  • WHO’SWHO AWARDS
  • News
  • Magazine
  • World News

Home » Featured » AfDB boss agrees to help struggling Zimbabwe resolve debt; says people have suffered long enough

AfDB boss agrees to help struggling Zimbabwe resolve debt; says people have suffered long enough

July 14, 2022
in Featured, News
0
President Emmerson Mnangagwa and AfDB’s President Akinwumi Adesina

President Emmerson Mnangagwa and AfDB’s President Akinwumi Adesina

540
SHARES
4.5k
VIEWS
Share on FacebookShare on Twitter

The African Development Bank (AfDB) says it has accepted to assist Zimbabwe’s US$13,5 billion debt clearance plan partly because of the need to alleviate the country’s citizens from the impact of extreme poverty.

The Southern Africa nation enlisted AfDB’s president Akinwumi Adesina to assist the nation to clear its long-standing, huge external debt arrears.

The continental bank’s leader arrived in Zimbabwe on Monday to commence his engagement process with President Emmerson Mnangagwa, senior government officials and G7 member states envoys among others.

Speaking to the media soon after meeting Mnangagwa, the AfDB chief said among other reasons prompting him to accept the role was the empathy on the need to assist impoverished citizens.

“I told President Mnangagwa that it is about the people of Zimbabwe. They have suffered long enough, you know two decades. When I look at the situation today you have 49% of the people in extreme poverty and that really has to change through new hope,” he said.

ReadAlso

Zimbabwe to kill dozens of elephants and distribute meat to people

Zimbabwe seeks BRICS membership, awaits response

Adesina appreciated Mnangagwa’s commitment to the arrears clearance process and international community re-engagement.

“As the President of AfDB I will help in that. I told him (Mnangagwa) about five regions where I am taking on a similar role. It is my duty and responsibility to do so because we have 54 member countries from Africa and Zimbabwe is one of them. So when one of them hurts, the whole part hurts,” he said.

ADVERTISEMENT

He underscored that he was accepting the role because Zimbabwe has been a reliable shareholder to the bank as testified by the US$9,6 million payment made as part of  the general capital increase despite economic challenges back home.

“Zimbabwe has also continued to make token payments of roughly US$700 000 a year to clear some of the outstanding debts.

“The third is the fact that I really believe that it is time to reinvigorate and redynamise the economy here because it is critical for the SADC. We are now talking about the Africa Continental Free Trade Area and of course Zimbabwe needs to play a very big role,” he said.

The Southern Africa nation has been involved in a number of external debt clearance strategies like the Lima plan agreed with global lenders in Peru in 2015 under which 15-year debt arrears to the International Monetary Fund (IMF) amounting to 108 million U.S. dollars was cleared.

The efforts did not however encourage the Bretton Woods institution to unlock any credit lines for the embattled nation.

Zimbabwe also owes the World Bank, AfDB, European Investment Bank, Paris Club and other bilateral donors billions of U.S. dollars.

Tags: Zimbabwe
ADVERTISEMENT
Previous Post

Anambra Legislator, Dr Cater Umeh, receives African Medallion for excellence in advancing State legislation and policies

Next Post

Is Saudi Arabia Exaggerating Its Oil Production Potential?

You MayAlso Like

News

Most Saint Lucian Formerly Enslaved People Were Nigerians

July 1, 2025
News

Chief Uchenna Okafor Hosts Commissioner, Reaffirms Clampdown on Illegal Keke, Okada Operators

July 1, 2025
News

World leaders confront gap between rich and poor at Financing for Development meeting

June 30, 2025
News

House Committee Issues 48-Hour Ultimatum to Rivers State Sole Administrator Over N24 Billion CCTV Controversy

June 30, 2025
Column

The Adriana Smith Case Was an Ethical Disaster

June 30, 2025
News

Funeral held for woman kept on life support until baby could be delivered

June 30, 2025
Next Post

Is Saudi Arabia Exaggerating Its Oil Production Potential?

US President Joe Biden (left) and Saudi Crown Prince Mohammed bin Salman

Nukes, oil and a Prince's redemption: A trip fraught with perils for Biden

Discussion about this post

Finally, Tinubu Reconciles Wike, Fubara

Wike, Fubara Agree On Peace Deal With Tinubu

Goodluck Jonathan Unveils Shocking Truths Behind Nigeria’s Constitutional Crisis During Umaru Musa Yar’Adua’s Prolonged Illness

Are Igbos Cursed Or The Architects Of Their Own Predicament?

A Deep Dive into Allegations of Fraud in Fidelity Bank

I Breastfed My Husband After Giving Birth, It Helped Us Bond — Mother Of Three

  • British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

    1238 shares
    Share 495 Tweet 310
  • Maids trafficked and sold to wealthy Saudis on black market

    1064 shares
    Share 426 Tweet 266
  • Flight Attendant Sees Late Husband On Plane

    966 shares
    Share 386 Tweet 242
  • ‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

    901 shares
    Share 360 Tweet 225
  • Crisis echoes, fears grow in Amechi Awkunanaw in Enugu State

    735 shares
    Share 294 Tweet 184
  • Trending
  • Comments
  • Latest

British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

April 13, 2023

Maids trafficked and sold to wealthy Saudis on black market

December 27, 2022
Flight Attendant Sees Late Husband On Plane

Flight Attendant Sees Late Husband On Plane

September 22, 2023
‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

March 21, 2023
Chief Mrs Ebelechukwu, wife of Willie Obiano, former governor of Anambra state

NIGERIA: No, wife of Biafran warlord, Bianca Ojukwu lied – Ebele Obiano:

0

SOUTH AFRICA: TO LEAVE OR NOT TO LEAVE?

0
kelechi iheanacho

TOP SCORER: IHEANACHA

0
Goodluck Ebele Jonathan

WHAT CAN’TBE TAKEN AWAY FROM JONATHAN

0

Most Saint Lucian Formerly Enslaved People Were Nigerians

July 1, 2025

Chief Uchenna Okafor Hosts Commissioner, Reaffirms Clampdown on Illegal Keke, Okada Operators

July 1, 2025

World leaders confront gap between rich and poor at Financing for Development meeting

June 30, 2025

House Committee Issues 48-Hour Ultimatum to Rivers State Sole Administrator Over N24 Billion CCTV Controversy

June 30, 2025

ABOUT US

Time Africa Magazine

TIME AFRICA MAGAZINE is an African Magazine with a culture of excellence; a magazine without peer. Nearly a third of its readers hold advanced degrees and include novelists, … READ MORE >>

SECTIONS

  • Aviation
  • Column
  • Crime
  • Europe
  • Featured
  • Gallery
  • Health
  • Interviews
  • Israel-Hamas
  • Lifestyle
  • Magazine
  • Middle-East
  • News
  • Politics
  • Press Release
  • Russia-Ukraine
  • Science
  • Special Report
  • Sports
  • TV/Radio
  • UAE
  • UK
  • US
  • World News

Useful Links

  • AllAfrica
  • Channel Africa
  • El Khabar
  • The Guardian
  • Cairo Live
  • Le Republicain
  • Magazine: 9771144975608
  • Subscribe to TIME AFRICA biweekly news magazine

    Enjoy handpicked stories from around African continent,
    delivered anywhere in the world

    Subscribe

    • About Time Africa Magazine
    • Privacy Policy
    • Contact Us
    • WHO’SWHO AWARDS

    © 2025 Time Africa Magazine - All Right Reserved. Time Africa is a trademark of Times Associates, registered in the U.S, & Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    No Result
    View All Result
    • WHO’SWHO AWARDS
    • Politics
    • Column
    • Interviews
    • Gallery
    • Lifestyle
    • Special Report
    • Sports
    • TV/Radio
    • Aviation
    • Health
    • Science
    • World News

    © 2025 Time Africa Magazine - All Right Reserved. Time Africa is a trademark of Times Associates, registered in the U.S, & Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.