France and the United Kingdom are set to take a leading role in Zimbabwe’s efforts to restructure its $23 billion debt burden, marking a significant step in Harare’s push to restore access to international financing and rebuild relations with global creditors.

The two European nations will co-chair Zimbabwe’s new Debt Consultative Group (DCG), a platform expected to coordinate negotiations between the country and its creditors as it works to resolve years of financial challenges.

The initiative will focus on clearing about $2.7 billion in external arrears, a major obstacle that has prevented Zimbabwe from accessing affordable financing from international lenders and development institutions.

For Zimbabwe, reaching a debt agreement could help unlock new funding for infrastructure projects, support economic reforms and improve confidence among investors watching opportunities in one of southern Africa’s largest economies.

New debt framework targets creditor cooperation

The Debt Consultative Group will provide a structured platform for discussions between Zimbabwe and its international creditors, helping to guide the country’s debt restructuring roadmap.

The group will also support Zimbabwe’s 10-month International Monetary Fund (IMF) Staff-Monitored Programme, which is focused on economic reforms and strengthening the country’s financial management.

Officials involved in the process said the goal is to create a lasting solution to Zimbabwe’s debt challenges through negotiations, policy reforms and closer cooperation with international partners.

Harare seeks return to global financing markets

Zimbabwe has faced limited access to international capital markets for years because of unpaid obligations and strained relationships with external lenders.

Resolving its debt issues remains a key priority as the country seeks funding for development projects and private-sector growth.

The first meeting of the Debt Consultative Group is expected this month, bringing together key stakeholders involved in Zimbabwe’s debt restructuring discussions.

Zimbabwe’s Economic reform programme

Zimbabwe’s economic reform programme is focused on improving fiscal stability, attracting investment and rebuilding links with international financial institutions.

The country has been working with global partners to address debt challenges and create conditions for sustainable economic growth.

The debt restructuring talks are being closely watched by investors and development partners as Zimbabwe seeks to strengthen its economy, restore access to financing and support long-term development across key sectors.