Zimbabwe Allocates Funds to Compensate Farmers

Zimbabwe's government will compensate over 400 former commercial farm owners as part of a multi-year plan initiated under the Global Compensation Deed. A total of US$35 million has been allocated in the 2024 National Budget, with US$20 million earmarked for payments to former farmers affected by the Land Reform Programme, which forcibly seized land from 4,000 white farmers starting in 2000. Finance Minister Mthuli Ncube stated that only 1% of the claims under the Global Compensation Deed, totaling US$351.6 million, will be paid out in cash initially, while the rest will be compensated through US dollar-denominated Treasury bonds. The compensation is intended for improvements made on the farms rather than land itself, reflecting the government's position on the land redistribution that aimed to address colonial injustices. The compensation process will continue annually until all liabilities are settled, with a significant outstanding debt still looming. Additionally, the European Union has called for a solid legal framework to support the compensation efforts.