The Zimbabwean government, as announced by Minister of Finance, Economic Development, and Investment Promotion Mthuli Ncube, has commenced formal negotiations to join the BRICS New Development Bank. Ncube confirmed that Zimbabwe received communication from New Development Bank President Dilma Rousseff, marking the beginning of the accession process and outlining the forthcoming steps for full membership. This move is seen as a significant step in Zimbabwe’s engagement efforts, reflecting international confidence in the country’s economic reform program and investment growth strategy.
The membership in the New Development Bank is anticipated to enhance Zimbabwe’s ability to secure long-term development funding for crucial national priorities in alignment with its goal to achieve upper-middle-income status by 2030. Ncube emphasized that the initiation of formal negotiations also supports Zimbabwe’s broader objectives to deepen cooperation with emerging economies and integrate into the evolving global technological and financial landscape linked with BRICS.
In 2023, Zimbabwean President Emmerson Mnangagwa disclosed the country’s application to join the New Development Bank, established in 2015 by BRICS members to finance infrastructure and sustainable development projects in their countries and other emerging and developing nations. Additionally, the International Monetary Fund recently approved a 10-month Staff Monitored Program for Zimbabwe, aimed at bolstering macroeconomic stability and advancing the country’s re-engagement with the international community. This program is crucial for building a credible policy implementation track record and potentially paving the way for a Fund-supported financial arrangement and arrears clearance roadmap.
