Zimbabwe’s government has hired financial and legal advisers to help it navigate potential talks with international creditors over the $21 billion it owes, according to people familiar with the matter.

Paris-based boutique firm GSA & Co. SAS, founded by a former Rothschild & Co. banker, and law firm Kepler Karst, which specializes in debt restructuring and insolvency, signed engagement letters to provide Zimbabwe with advice on debt management, the people said, asking not to be named because the information hasn’t been made public.

The advisory firms were hired via the African Legal Support Facility, an organization hosted by the African Development Bank that provides “legal advice and technical assistance” to African governments in issues such as sovereign debt, according to its website, two of the people said.

The nation’s authorities devalued the currency by 43% on Sept. 27. Since then, the Zimbabwe Gold — the country’s sixth attempt at a functioning local currency over the past 15 years — has weakened by a further 6% against the dollar. Meanwhile, inflation is rising and the central bank hiked interest rates. Dollars, used to pay for everyday items including food and transport, are running in short supply.

In 2022, Zimbabwe solicited the help of African Development Bank President Akinwumi Adesina and former Mozambican President Joaquim Chissano to lead restructuring talks with creditors, including the World Bank, the group of creditor nations under the Paris Club, the European Investment Bank and the African Development Bank.

Upcoming IMF Mission

The nation hasn’t been able to secure financing from multilateral lenders such as the International Monetary Fund due to its outstanding debt payments. In a staff mission to Harare earlier this year, the Washington-based lender said that “an IMF financial arrangement would require a clear path to comprehensive restructuring of Zimbabwe’s external debt,” including the clearance of arrears and a reform plan.

Finance Minister Mthuli Ncube did not immediately respond to a call to his mobile phone seeking comment about the advisers. His deputy, David Mnangagwa did not respond to a text message. A representative for GSA didn’t reply to a request for comment, while a representative for Kepler Karst declined to comment.

In May, Ncube told Bloomberg that the country would be looking for “very deep haircuts” in debt values from creditors, without providing further details on the extent of reductions sought.