The 8th Zimbabwe Annual Debt Conference, convened by the Zimbabwe Coalition on Debt and Development (Zimcodd) in Masvingo from July 15–16 2026, brought together diverse stakeholders to interrogate Zimbabwe’s longstanding debt crisis and its implications for economic sovereignty, social justice and people-centred development.
Held under the theme, “Rethinking Sovereign Debt Management in Zimbabwe: Justice, Sovereignty and People-Centred Socio-Economic Development in a Global Polycrisis,” the conference created a platform for dialogue among government, Parliament, civil society, academia, development partners, labour, the private sector, faith-based organisations, the media and citizens.
The conference took place against the backdrop of a deepening global polycrisis characterised by climate-related shocks, armed conflicts, geopolitical fragmentation, trade disputes, widening inequality and declining multilateral cooperation.
These overlapping crises continue to place additional pressure on developing countries, particularly African economies already facing shrinking fiscal space and rising debt vulnerabilities.
For Zimbabwe, the debt question remains particularly urgent. The country’s public and publicly guaranteed debt is estimated at between US$21 billion and US$23 billion, while domestic debt is approaching US$10 billion.
This debt overhang continues to constrain fiscal space, limit investment and undermine the State’s capacity to fulfil its constitutional and developmental obligations.
Throughout the conference, participants emphasised that sovereign debt cannot be treated as merely a macroeconomic or financial issue.
It is fundamentally a question of justice, governance, democracy, human rights, intergenerational equity and national sovereignty.
The conference highlighted the real and often unequal consequences of Zimbabwe’s debt burden.
As public resources are diverted towards debt servicing and arrears, less fiscal space remains available for essential services and productive investment.
Health, education, social protection, water and sanitation, infrastructure and local government development all face pressure in an environment of constrained public finances.
The burden is particularly pronounced for women, youth, persons with disabilities and vulnerable communities, who often depend most on public services and social protection systems.
The gendered dimensions of debt also received attention.
Fiscal constraints can increase unpaid care burdens, deepen economic insecurity and heighten vulnerabilities, including risks of gender-based violence.
The conference therefore reinforced the need to integrate gender justice into debt management and public finance policy.
The conference further interrogated the governance challenges contributing to Zimbabwe’s debt vulnerabilities.
Weak public financial management, corruption, procurement irregularities, exchange-rate distortions, overpricing of public contracts, arrears accumulation and quasi-fiscal operations were identified as issues that require urgent attention.
Participants called for stronger debt transparency, effective parliamentary oversight, strengthened oversight institutions and improved public access to comprehensive and timely debt information.
The discussions also underscored the importance of ensuring that future borrowing is productive, transparent and capable of generating sufficient economic returns to support repayment without undermining development priorities.
Beyond Zimbabwe’s domestic challenges, the conference situated the country’s debt crisis within a wider global financial architecture that continues to disadvantage developing economies.
Participants noted that African countries are facing rising debt vulnerabilities at a time when affordable development finance is shrinking and climate finance remains heavily dominated by loans rather than grants.
The discussions therefore called for a transformation of the international financial system, including greater representation of African countries in international financial institutions, comprehensive debt relief for countries facing unsustainable debt burdens and stronger African collective advocacy for a United Nations Framework Convention on Sovereign Debt.
The conference also examined the intersection between sovereign debt, local government finance and devolution.
Zimbabwe’s debt challenges have significant implications for local authorities, where constrained fiscal transfers and limited capital financing continue to affect investment in water, roads, sanitation, housing and public transport.
The discussions highlighted the need to strengthen local government financing and ensure predictable and adequate devolution funding to enable local authorities to deliver essential services and contribute meaningfully to local economic development.
A central message emerging from the conference was that resolving Zimbabwe’s debt crisis must ultimately be about more than restoring debt sustainability on paper. It must be about creating the fiscal space necessary to improve people’s lives.
This requires protecting spending on health, education and social protection, strengthening domestic resource mobilisation, addressing illicit financial flows and corruption, improving public financial management and ensuring that mineral wealth contributes meaningfully to national development.
The conference also called for greater participation of citizens, particularly women and young people, in decisions relating to debt and public finance.
As Zimbabwe works towards its development aspirations under Vision 2030 and National Development Strategy II, participants reaffirmed that sustainable development cannot be achieved while the country remains constrained by an unsustainable debt burden and weak fiscal governance.
The 8th Zimbabwe Annual Debt Conference therefore served as both a platform for reflection and a call to action. Its discussions culminated in the adoption of the Masvingo Declaration on Debt Justice and Sustainable Development, providing a framework for collective action towards a more just, transparent and sustainable debt future.