Zimbabwe is proposing changing the terms of a $3.5bn compensation deal signed with white former farmers two years ago, after twice missing agreed-to payments.
The revised plan was part of finance minister Mthuli Ncube’s budget presented on Thursday at the new Chinese-built parliament building, north of the capital, Harare. According to the original pact, farmers who were evicted from their land two decades ago should have received half the money within the first year, followed by four $437.5m annual instalments.
Farmers’ groups will hold talks with Ncube to understand what he meant, according to Andrew Pascoe, president of the Commercial Farmers Union. The treasury appointed London-based NewState Partners as transaction advisers in April 2021 to help raise money from international financiers.
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