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Senior Business Reporter

THE Ministry of Finance and Economic Development would next week host the executive director of the African Development Bank (AfDB) for the Southern Africa Group II Constituency Office, Mr Joao Luuis  Ngimbi, to deliberate on a wide ranging macro-economic and development challenges facing the country.

Finance Minister, Professor Mthuli Ncube, his deputy  Clement  Chiduwa, Permanent Secretary Mr George  Guvamatanga, and other senior Treasury officials are set to attend.

The meeting is penciled for next week Monday.

“The Minister of Finance and Economic Development Hon. Prof Mthuli Ncube will be hosting Mr. J. L. Ngimbi, executive director of the African Development Bank (AfDB) for the Southern Africa Group II Constituency Office (Angola, Mozambique, Namibia and Zimbabwe) on 20 March 2023,” reads a statement from the ministry.

“The purpose of this first visit by the executive director is to understand the macroeconomic and development challenges in the country.

“This will deepen the insight of the cross-cutting development changes and the pivotal role to be played by the Constituency Office and the Bank Group as a whole.”

The meeting is a follow-up to the bank’s president, Dr  Akinwumi  Adesina’s recent visit where he pledged overwhelming support towards the re-engagement, arrears clearance, and debt resolution process being undertaken by the Government.

“In addition, the executive director seeks to get a deeper understanding on the progress made towards the reform process,” said the ministry.

Last year, Dr Adesina accepted President Mnangagwa’s request for the bank to lead the country’s debt repayment strategy as Zimbabwe seeks to expunge its onerous debt overhang.

An unsustainable sovereign debt, now at US$19 billion, has been blamed for blocking access by the country to affordable long-term financing from both multilateral and bilateral financiers, which has hindered efforts to turn around the economy.

Zimbabwe has begun making token payments to all its foreign financiers owed among them the Paris Club, which has 17 members, the World Bank, and the AfDB.