Zimbabwe is actively seeking US$2.6 billion in bridge financing to clear longstanding arrears with international lenders, according to a statement from the African Development Bank (AfDB).
Finance Minister Mthuli Ncube is leading Zimbabwe’s delegation at the ongoing IMF and World Bank Spring Meetings in Washington, where discussions are underway to establish a new Staff Monitored Programme (SMP) with the International Monetary Fund. The SMP would allow the IMF to oversee Zimbabwe’s economic reforms and policies without offering financial support, helping the country rebuild credibility with global creditors — a critical step toward future debt relief.
Zimbabwe’s outstanding debt to foreign creditors currently stands at around US$21 billion, with a substantial portion classified as arrears. These arrears have shut the country out of access to concessional funding from institutions such as the World Bank and AfDB — financing that many nations use to fund vital infrastructure projects.
The proposed bridge financing would serve as a short-term loan to settle these arrears. Successfully clearing the US$2.6 billion would improve Zimbabwe’s eligibility for low-interest loans and development support from international lenders.
In a statement, the Ministry of Finance confirmed that negotiations on the SMP with the IMF are progressing, calling it a step forward in the country’s journey toward economic recovery and its Vision 2030 agenda.
A high-level roundtable on Zimbabwe’s arrears clearance and debt resolution strategy took place alongside the Washington meetings. It was chaired by AfDB President Dr. Akinwumi Adesina, who is spearheading efforts to help Zimbabwe resolve its debt crisis. Key participants included IMF African Department Director Abebe Selassie, World Bank Vice President for Eastern and Southern Africa Ndiamé Diop, and representatives from key bilateral partners such as France, the UK, Germany, and the Netherlands, as well as regional actors from SADC. Former Mozambican President Joaquim Chissano is acting as a facilitator.
Dr. Adesina praised Zimbabwe’s progress in economic reforms but cautioned that recent policy developments could hinder those efforts. He specifically cited the enactment of Zimbabwe’s Private Voluntary Organisations (PVO) Amendment Bill, calling it a “setback” that could jeopardize trust among international partners.
The Zimbabwean government has defended the bill, saying it aims to combat money laundering and strengthen oversight. However, critics — including civil society groups and international observers — argue that it threatens NGO independence and restricts civic space.
Following the bill’s passage, the European Union announced it would suspend funding for several governance-related programmes in Zimbabwe.