Zimbabwe debt accelerates to $11.2 billion

Zimbabwe's public debt has increased to $11,2 billion as at October 31, further worsening the country's relations with its international creditors.

As at September last year, the total public and publicly guaranteed debt, including arrears, was estimated at $8,36 billion, of which $1,29 billion was domestic debt, with $7,07 billion being external According to statistics from Treasury, the debt as at October 31 was equivalent to 79% of the gross domestic product (GDP).

Chinamasa said his 2017 National Budget contained debt sustainability measures to overcome Zimbabwe's external indebtedness, as well as containing growth in public domestic debt, including contingent liabilities of quasi government institutions.

He said the resolution to the country's external payment arrears should overcome further growth, particularly on account of penalties on accumulated arrears and open up access to new financing.