Zimbabwe has now paid US$508 million in compensation to former white commercial farmers whose land was seized during the fast-track land reform of 2000.

Deputy Finance Minister Kudakwashe Mnangagwa disclosed the figure in Bulawayo on Wednesday.

Mnangagwa said the payments were made through US dollar bonds and US$12.6 million in cash.

“The payments came through after the farmers had accepted and subscribed to the bonds,” Mnangagwa told Bloomberg.

“The bonds are not foisted on the individual.

“The fact that they have been paid, partially been paid in cash and the remainder in bonds, is acceptance.”

In 2000, then President Robert Mugabe encouraged the invasion of about 4,000 white-owned farms.

The move triggered Western sanctions and a collapse in agricultural output.

In 2020, Government signed a US$3.5 billion Global Compensation Deed with white farmers to settle claims for improvements on the land.

The payout is seen as critical to Harare’s debt arrears clearance and re-engagement with international capital markets.

Under the original deal, many farmers rejected the bond offer.

Government says subscription now signals buy-in.