France, UK Co-Chair Debt Restructuring Effort as Zimbabwe Builds Crypto Framework

France and the UK are co-chairing a new body to restructure Zimbabwe's $23 billion in external debt. This effort has been ongoing since late 2022 through the Structured Dialogue Platform, which connects Zimbabwe with its creditors, including the Paris Club, IMF, World Bank, and African Development Bank.

More than half of Zimbabwe's debt is owed to Paris Club creditors alone, making France's involvement significant. The restructuring effort has gained momentum in recent years, with Zimbabwe securing an IMF staff-monitored program set to begin in early 2026 as a prerequisite for debt relief discussions.

The country has also made token payments towards clearing its arrears and launched the Zimbabwe Arrears Clearance Dialogue Enhancement Project (ZACDEP) to provide a four-year framework for negotiations. Finance Minister Mthuli Ncube has been central to this effort.

Meanwhile, Zimbabwe is quietly building its first regulatory framework for crypto, with Statutory Instrument 99 of 2026 requiring virtual asset service providers to register and pay an annual $500 compliance fee. This move brings the country closer to complying with Financial Action Task Force standards.