Mnangagwa urges cheaper long-term finance at UN as developing countries face funding gap

Zimbabwean President Emmerson Mnangagwa has called for more affordable, long-term and concessional financing for developing countries, arguing that high borrowing costs are slowing efforts to achieve sustainable and inclusive development.

Mnangagwa made the appeal during the 81st session of the United Nations General Assembly in New York on Thursday, September 24, 2026. The United Nations’ official programme confirms that the General Assembly’s general debate ran from September 22 to 26, while UN Web TV lists Zimbabwe’s contribution on September 24. (un.org)

A call for action on debt and borrowing costs

According to ZBC News, Mnangagwa said developing countries faced an annual financing gap of more than US$4 trillion and that fewer than four years remained to implement the 2030 Agenda. He said only 36% of the Sustainable Development Goals were on track or showing moderate progress.

Those figures were presented as part of the president’s address and remain attributed claims in the available evidence. His central argument was that development could not advance when financing was prohibitively expensive.

Mnangagwa urged the implementation of the Sevilla Commitment through increased concessional finance, development-oriented treatment of debt and more effective use of Special Drawing Rights. He also called for reforms to address Africa’s risk premiums and borrowing costs, strengthen the voice of developing countries in global financial institutions and curb illicit financial flows.

Zimbabwe’s domestic priorities

Alongside his international appeal, Mnangagwa said Zimbabwe was working to mobilise more domestic resources, improve public financial management and create conditions for productive investment.

He linked those measures to the country’s Vision 2030 programme and said the government was seeking closer connections between mining, agriculture and manufacturing. He also promoted value addition and beneficiation in the mining sector, arguing that more mineral processing should take place before exports.

The president further said Zimbabwe had more than 40 critical and rare-earth minerals and that the country had exported locally produced lithium sulphate for the first time during the second quarter of 2026. These statements are claims made in the presidential address as reported by ZBC; the available evidence does not independently establish the production and export figures.

What the appeal means

The speech places Zimbabwe’s financing needs within a wider argument by developing countries that access to capital is constrained by high interest rates, risk assessments and debt burdens. Zimbabwe’s own government has previously identified access to concessional external financing as important to funding long-term development projects and implementing its 2026–2030 development strategy. (cabri-sbo.org)

Mnangagwa also held meetings with businesspeople and prospective investors on the sidelines of the General Assembly, according to ZBC’s account. A separate report said the president engaged United States investors in New York as Zimbabwe sought to attract capital into sectors of the economy. (zbcnews.co.zw)

The available reporting does not identify a new financing agreement, a specific debt-treatment decision or a timetable for implementing the proposals made in the speech. The immediate test will be whether calls for cheaper capital translate into concrete commitments from governments, development banks and international financial institutions—and whether Zimbabwe can convert its investment pitch and domestic reform agenda into accessible funding.

What to watch

• Whether the Sevilla Commitment produces new long-term or concessional financing measures.
• Any progress on development-oriented debt treatment for Zimbabwe and other heavily indebted developing countries.
• Follow-up decisions on the channelling of Special Drawing Rights.
• Whether Zimbabwe announces specific financing, investment or mineral-beneficiation agreements after the New York meetings.

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