Published: 7 hours ago

Zimbabwe's arrears clearance and debt resolution plan will come under renewed scrutiny as Mauritanian banker Sidi Ould Tah assumes office today as the ninth president of the African Development Bank Group (AfDB).

Tah secured the presidency in May with 76,18% of the vote in the third round of elections by the bank's governors, succeeding Nigerian economist Akinwumi Adesina, whose second and final term ended yesterday.

Adesina played a pivotal role in Zimbabwe's re-engagement with creditors after being appointed by President Emmerson Mnangagwa as the champion of the arrears clearance and debt resolution process. Under his guidance, the AfDB provided technical and financial backing for Zimbabwe's structured dialogue with creditors, stressing that the country "cannot run uphill with a backpack of debt."

At the core of Zimbabwe's debt plan are critical reforms in governance and the economy, alongside the long-standing issue of compensating former commercial farmers whose land was protected under Bilateral Investment Promotion and Protection Agreements.

Tah takes over at a delicate moment for the bank, with the United States recently announcing plans to slash its contributions to the AfDB and its development fund by US$555 million. However, Washington has pledged to cooperate with Tah to advance priorities such as expanding energy financing, ensuring affordability in investments, reforming procurement policies, and strengthening governance and effectiveness at the bank.

For Zimbabwe, all eyes will be on how Tah steers the AfDB's role in supporting its debt resolution efforts and whether the momentum built under Adesina can be sustained over the next five years.
- Newsday

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