Zimbabwe war veterans offered $3.5bn compensation deal

December 13, 2024
In October, the veterans wrote to Time Bank, demanding inclusion in the pay outs, citing their sacrifices during the liberation struggle.

A Zimbabwean bank has offered war veterans billions in compensation, but there’s a catch – they must back payouts to white farmers.

Time Bank has proposed a $3.5bn (£2.8bn) compensation package for liberation war veterans as part of a broader $38bn loan plan to settle Zimbabwe’s debts, Zimbabwe Independent reports.

However, the war veterans can only receive the money if they support the bank’s initiative to compensate other groups, including previous farm owners who lost their land during controversial reforms.

The veterans had written to Time Bank in October requesting to be included in the compensation scheme.

The bank says it will help raise about $3.2bn in donations to compensate former farm owners “without obligations to the government”.

The compensation plan allocates $3bn for social welfare programs, $2.5bn for venture capital initiatives, and $1bn for other financial inclusion programs.

The war veterans’ package will be funded by reallocating money from a previously proposed $4.5bn Financial Inclusion Fund.

Zimbabwe’s war veterans fought in the liberation struggle against white-minority rule that ended in 1980. They later played a key role in supporting the seizure of white-owned farms under former President Robert Mugabe.

The country has struggled with international debt and economic challenges for decades, with various attempts made to resolve compensation claims from different groups affected by past policies.

The latest proposal aims to address multiple compensation demands while helping Zimbabwe clear its sovereign debt obligations to international creditors.