theme: “Strengthening Debt Governance in Zimbabwe in the context of COVID-19”
AFRODAD and ZIMCODD are hosting the Zimbabwe Annual Multi-Stakeholder Debt Conference in Harare from the 22nd to the 24th of September running under the theme “Strengthening Debt Governance in Zimbabwe in the context of COVID-19”. Major highlights from the Debt Conference are centred on the urgent need for transparency and accountability in public finance management, these include but are not limited to parliamentary oversight in all loan agreements contracted by the government, COVID-19 earmarked funds, and mineral revenues. The major concern that is emerging and being concurred on by the participants is the role and place of ordinary citizens in the public finance equation.
The conference established that the major drivers of the debt crisis in Zimbabwe and Africa in general, are both internal and external. This is fuelled by a development strategy that relies heavily on borrowed funds due to weak domestic resource mobilization, lean tax base, and poor mineral resource governance. There is poor public debt governance due to weak institutions and ineffective public debt management frameworks, and a profit-driven new creditor landscape where there is an emergence of Non-Paris Club lenders offering high interest loans with shorter maturity.