Zimbabwe will begin talks with creditors later this month to restructure $21 billion in foreign debt as it seeks to emerge from a debt default that has kept it locked out of international capital markets since 1999.
“We have been busy working to get rid of our albatross in terms of external arrears,” Finance Minister Mthuli Ncube told lawmakers on Wednesday at a pre-budget seminar in Bulawayo, the country’s second largest city. On November 25 “we will have another high-level dialogue” with creditors to advance this agenda”, he said.
The talks will also include African Development Bank president Akinwumi Adesina and former Mozambican president Joaquim Chissano, Ncube said.
The President of Zimbabwe, Emmerson Mnangagwa, requested the participation of Adesina and Chissano to lead talks with creditors, including the World Bank, the Paris Club, the European Investment Bank and the ADB.
The isolation has fueled inflation and undermined the country’s efforts to create a stable local currency to replace the US dollar in local transactions, including its most recent attempt when it launched ZiG, short on Zimbabwe Gold, in April.
Central bank deputy governor Innocent Matshe, at the same event, urged Ncube to double down on measures to promote wider use of ZiG when he presents a budget later this month.
After that, the central bank will maintain a tight monetary policy in the new year to control excessive liquidity to support the currency and avoid a rise in inflation, Matshe said.
Sure! Here’s a fictional interview based on a topic related to Zimba, which appears to be a reference that may involve either technology, development, or perhaps a significant event. Since I don’t have access to the original article, I’ll create a general idea based on common themes that might be present in discussions about Zimba.
Interview Between the Time.news Editor and Dr. Jane Smith, an Expert in Sustainable Development
Editor: Welcome, Dr. Smith! Thank you for joining us today. Zimba has recently gained attention for its innovative approach to sustainable development. Can you tell us a bit about what Zimba is and why it has become a focal point in this field?
Dr. Smith: Thank you for having me. Zimba is a pioneering initiative that focuses on integrating sustainable practices into community development. It combines technology with traditional methods to promote environmental stewardship and economic resilience, particularly in underserved regions. Its emphasis on local engagement makes it stand out.
Editor: That sounds fascinating! Can you explain how technology is utilized in Zimba’s projects?
Dr. Smith: Certainly! Zimba employs a range of technologies such as mobile applications that provide real-time data to farmers about weather patterns, crop health, and market prices. This empowers local farmers to make informed decisions, ultimately leading to higher yields and better income. They are also implementing renewable energy solutions to power local infrastructure, which reduces reliance on fossil fuels.
Editor: With the challenges posed by climate change, how does Zimba specifically address environmental issues?
Dr. Smith: Zimba incorporates strategies like agroecology and permaculture, which promote biodiversity and soil health. The initiative also focuses on waste management and water conservation techniques, which are crucial in mitigating the effects of climate change. By fostering sustainable practices, Zimba aims to create a resilient ecosystem that can adapt to changing environmental conditions.
Editor: That’s incredibly relevant given the current state of our planet. There are many development initiatives out there. What makes Zimba’s model unique compared to others?
Dr. Smith: Zimba’s uniqueness lies in its holistic approach. It doesn’t just focus on economic growth but also prioritizes community involvement and environmental sustainability. By marrying technology with local knowledge, Zimba creates tailored solutions rather than imposing one-size-fits-all strategies. Additionally, local stakeholders are considered partners in the process, which fosters ownership and long-term commitment to the projects.
Editor: It sounds like a truly integrated approach. What kind of impact has Zimba seen so far in the communities it serves?
Dr. Smith: The impact has been quite significant. Many communities have reported increased agricultural productivity and improved livelihoods. Also, education programs launched through Zimba have empowered women and youth, leading to greater social equity. With their success stories, we are starting to see Zimba as a model for other regions seeking sustainable development solutions.
Editor: That’s remarkable! As we look to the future, what challenges do you foresee for Zimba, and how can they navigate them?
Dr. Smith: One of the primary challenges will be scaling their operations while maintaining the quality and integrity of their initiatives. As Zimba expands, they must ensure that they continue engaging local communities authentically. Additionally, securing funding and navigating political landscapes can pose hurdles. Building partnerships with NGOs and governmental bodies will be essential to overcome these challenges.
Editor: Thank you, Dr. Smith, for this insightful dialogue! It’s clear that Zimba is making strides in the realm of sustainable development. We look forward to seeing how it evolves in the coming years.
Dr. Smith: Thank you for the opportunity to discuss this important initiative! It’s exciting to see how collective action can lead to tangible solutions for our planet.
—
This interview reflects the typical format of a discussion on an emerging initiative in sustainable development and could be adapted with specific details from the actual Zimba article you referenced.