White farmers reject land seizures pay offer

A majority of white Zimbabweans who lost their farms during a land grab more than 20 years ago have rejected an offer of dollar bonds as part of a government pay off, reports Fin24. The 10-year bonds worth $308m were ‘unacceptable,’ according to Deon Theron. He represents one of three groups seeking compensation for land seizures under former President Robert Mugabe in which 4 500 white farmers lost their land. ‘The government says they have a deal when it's only with 15% to 17% of farmers,’ Theron said. ‘We are correcting the impression created that they have compensated farmers, when it's just with a few individuals.’ Zimbabwe wants to settle with the farmers as part a push to restructure its debts and restore access to creditors. The southern African nation has been in default since 1999 and owes more than $21bn to lenders including the World Bank, the Paris Club and the African Development Bank. The offer is the latest by the government, which has previously revised terms of a $3.5bn deal agreed in 2020. The farmers who negotiated the current deal did so ‘with no mandate,’ Theron said. Finance Minister Mthuli Ncube announced on 9 April that a small cash payment was made to 378 farmers who also received bonds. A total of 740 farmers will be compensated under that payout. The Finance Ministry didn't immediately respond to a request for comment.