President Mnangagwa Calls for Affordable Financing to Drive Development

September 25, 2026

Story by Josephine Mugiyo, Diplomatic Correspondent

PRESIDENT Dr Emmerson Mnangagwa has called for affordable, long-term and concessional financing to accelerate sustainable and inclusive development, particularly in developing countries.

Addressing the 81st session of the United Nations General Assembly in New York this Thursday, the Head of State said expensive financing was making it difficult for developing nations to advance, while affordable capital was critical to driving economic transformation.

“Peace cannot endure without development. With less than four years to implement the 2030 Agenda, only 36% of the Sustainable Development Goals are on track or showing moderate progress, while developing countries face an annual financing gap exceeding US$4 trillion.

“The Sevilla Commitment must now be implemented through greater affordable, long-term and concessional finance; timely, development-oriented debt treatment; and more effective channelling of Special Drawing Rights. Development cannot flourish when its financing is prohibitively expensive. Reform must decisively address Africa’s excessive risk premiums and borrowing costs. The need to strengthen the voice of developing countries in global financial institutions and curb illicit financial flows,” he said.

The Head of State said Zimbabwe was strengthening its capacity to mobilise domestic resources, improve public financial management and create a favourable environment for productive investment.

“Zimbabwe is continuously strengthening its capacity to mobilise domestic resources, enhance public financial management, and foster a favourable environment for productive investment. Under our national Vision 2030, we are strengthening the important linkage between mining and agriculture, which is driving growth in Zimbabwe’s manufacturing sector. Bold reforms and other macroeconomic policies have resulted in a threefold growth in our GDP since 2017. Zimbabwe is indeed Open for Business.”

President Dr Emmerson Mnangagwa also outlined measures being taken to promote value addition and beneficiation in the mining sector before minerals are exported.

“Zimbabwe welcomes the recommendations of the Secretary-General’s Panel on Critical Energy Transition Minerals and the Country Support Mechanism. Critical minerals must become a foundation for inclusive development, with value addition and beneficiation at source, along with the development of regional value chains being highly prioritised.

“Zimbabwe has more than 40 critical and rare earth minerals, and we have made bold decisions towards a mutually beneficial extractive industry. This has seen us dispatch the first export of locally produced lithium sulphate during the second quarter of the year, demonstrating that retaining value at the source is possible for shared prosperity,” the President said.

President Dr Emmerson Mnangagwa also held several engagements with businesspeople and prospective investors on the sidelines of the General Assembly.

As the President headed back home, Zimbabwe’s message to the world centred on inclusive economic growth, fair representation of all nations and advocacy for preventive diplomacy in dealing with crises.