Zimbabwe Signs $3.5B Compensation Deal With White Farmers

Posted 11 days ago

From WWW.VOANEWS.COM

HARARE - Zimbabwe's government signed a $3.5 billion agreement Wednesday to compensate white farmers displaced during a sometimes-violent land redistribution program two decades ago.

The government hopes the deal will attract foreign investment to improve the battered economy, but the country will have to issue long-term bonds and get help from donors to raise the money for the compensation.

Andrew Pascoe, the president of the Commercial Farmers Union of Zimbabwe, said the agreement he signed with President Emmerson Mnangagwa at the State House will bring relief to members who were driven off their farms in the early 2000s.

"After almost 20 years of conflict over the land issue, representatives of farmers who lost their land through the fast track reform program and representatives of government have been able to come together to see a resolution of this conflict," Pascoe said. "To me this is nothing short of a miracle."

Mnangagwa said he hoped the agreement would make investors and critics of his government believe that Zimbabwe respects the constitution.  However, he ruled out compensating for the actual land taken from the whites and given to peasant farmers.

"With regards to the land compensation agreement signed today, my administration reaffirms that the government of Zimbabwe does not have any obligation for compensation for acquired land," he said. "The... (Read more)