Are these cracks active? That is, do they open and close with the seasons due to frost heave or changes in temperature? If not, you can simply use a caulk to fill those cracks and paint with any exterior paint.
If so, you should consider using an "elastomeric coating" or "elastomeric paint". (It's the same thing, only called different names.)
Basically, elastomeric coatings are made of a plastic similar to that of the toy "Stretch Armstrong" where the plastic can be twisted and stretched completely out of shape, but when the force distorting it is removed, it reverts back to it's original shape without wrinkles being left in the material.
The obvious advantage to such a paint is that it spans active cracks, thereby preventing rain from penetrating into the wall and causing further damage.
There are different kinds of elastomeric coatings, but I'd stick with the acrylic kind rather than the silicone based ones. The reason why is that just like silicone caulk and silicone based grout sealers, you may have a problem getting any other paint to stick well to a silicone based elastomeric coating. I wouldn't expect to have that problem with an acrylic based elastomeric coating.