Vice President Constantino Chiwenga says Zimbabwe’s mounting external debt has stalled economic growth, but the government remains committed to honouring its obligations through an improved and inclusive G20 debt treatment process.
Speaking at the G20 Leaders’ Summit in South Africa over the weekend, Chiwenga stated that the country’s ballooning debt continues to hinder vital development efforts.
“The growing debt burden continues to constrain development. Many nations are forced to choose between servicing debts and funding essential social services,” he said.
Chiwenga urged the global community to adopt more comprehensive and equitable debt solutions that support long-term resilience.
“We urgently need a comprehensive and equitable debt resolution approach. We encourage innovative solutions such as debt for climate, debt for development swaps. These measures are crucial to restoring debt sustainability while supporting long-term growth and resilience.
“Furthermore, the G20 common framework for debt treatment requires significant strengthening. In view of this, Zimbabwe seeks inclusion and active participation in an improved G20 common framework for the debt treatment process. We are ready to engage constructively to that end.”
He added that global economic progress must be anchored on fairness and shared prosperity.
“The journey for inclusive and sustainable growth demands commitment to equitable political will and an unwavering commitment to equitable development. Let us reaffirm our collective commitment to building a stronger, fairer, greener and more humane global economy that truly leaves no one behind,” he said.
Chiwenga represented President Emmerson Mnangagwa at the summit, after the Zimbabwean leader, who had been invited by South African President Cyril Ramaphosa, was unable to attend due to prior commitments.
The G20 Summit, held under the theme “Fostering Solidarity, Equality, and Sustainable Development,” brought together global leaders to discuss debt sustainability, climate change, and widening global inequalities.
Africa continues to grapple with a deepening debt crisis, with many countries forced to balance repayments against urgent social and economic priorities. Chiwenga’s call for debt reform mirrors key continental positions, including the African Union’s Agenda 2063, the African Leaders Debt Relief Initiative (ALDRI), and the Cape Town Declaration, all of which call for a restructured global financial system that better supports developing economies.
The summit offered Zimbabwe and other African states a platform to push for debt relief and meaningful reforms in global financial governance. — NewZimbabwe
