Zimbabwe has announced plans to pay $331 million to white farmers whose land was taken back in 2000, as part of efforts to restructure the country's massive debt and rejoin international markets. The payment is a significant step towards addressing the country's debt crisis, which has kept it shut out of international markets for more than 20 years.

The land redistribution program, initiated by then-President Robert Mugabe in 2000, saw several white farmers lose their homes and large portions of land. The program was intended to address historical land imbalances, but it has been a major point of contention between Zimbabwe and its creditors. The country has identified at least 439 former landowners as "beneficiaries" for the financial settlement, according to African Development Bank President Akinwumi Adesina.

The payment of $331 million will be made via bonds, with $35 million already allocated from this year's budget. However, no timeline has been provided for the payments. This move is seen as a key step towards restructuring Zimbabwe's $21 billion debt, which has prevented the country from securing financing from multilateral lenders like the International Monetary Fund.

Zimbabwe has been working to restructure its debt, with President Emmerson Mnangagwa enlisting the help of African Development Bank President Akinwumi Adesina and former Mozambican leader Joaquim Chissano to lead negotiations with creditors, including the World Bank, Paris Club, European Investment Bank, and the AfDB. The country has also been considering a Debt-for-Climate swap as a potential solution for its creditors.

The debt crisis has had a significant impact on Zimbabwe's economy, forcing the country to rely on the central bank for funding. African Development Bank President Akinwumi Adesina likened Zimbabwe's $21 billion of debt to a "backpack of sand" that is holding the country back. "No one, no matter how strong, can run up a hill with a backpack of sand on their back," he said. "We can all agree that we must play our part to correct this anomaly by giving a new lease of life to this nation and its people."

The move to pay white farmers is seen as a key step towards addressing the country's debt crisis and rejoining international markets. It remains to be seen how this will impact Zimbabwe's economy and its relations with its creditors. However, it is clear that the country is taking significant steps towards addressing its debt crisis and securing a more stable financial future.