• U.S. Representative Brian Mast introduced a bill to condition IMF aid to Zimbabwe on full compensation for expropriated white farmers.

• Zimbabwe signed a $3.5 billion compensation agreement in 2020, but payment progress remains slow.

• The proposed bill mandates inflation-adjusted compensation and prohibits local currency-denominated payments for arrears within 12 months of multilateral financing.

Zimbabwe's Accelerated Land Reform Program in the early 2000s significantly weakened its agricultural sector and eroded foreign investor confidence. The new administration has, for several years, aimed to improve the country's image among international creditors.

In the United States, Republican Representative Brian Mast of Florida introduced a bill on September 11. This proposed legislation seeks to condition any International Monetary Fund (IMF) assistance to Zimbabwe on the full reimbursement of white farmers expropriated under Robert Mugabe's former regime.

Harare signed the "Global Compensation Deed" in 2020, an agreement promising $3.5 billion in restitution for these farmers. However, the payment process continues to lag.

Last April, authorities announced a settlement plan involving the issuance of Treasury bonds to white farmers. Most affected stakeholders sharply criticized and rejected this option.

Bloomberg reports that Mr. Mast's bill demands Zimbabwe commit to paying its arrears within twelve months of receiving multilateral financing. It also stipulates inflation-adjusted compensation and prohibits payments in locally denominated securities.

Notably, this initiative emerges as authorities began payments to former landowners last February. Andrew Pascoe, former president of the Commercial Farmers' Union, described this step as a "historic event."

If adopted, the bill would further intensify pressure on Zimbabwean authorities. They seek to restructure the country's debt, which the African Development Bank (AfDB) estimates at $21 billion.

Zimbabwe aims for reintegration into the international financial system by compensating white farmers expropriated in the early 2000s. Last April, the country proposed a roadmap to secure $2.6 billion in bridge financing to clear its arrears with international financial institutions. This plan, which solicited support from 10 countries including China and France, has yet to receive any backing.

This article was initially published in French by Espoir Olodo

Adapted in English by Ange Jason Quenum