Zimbabwe on extensive debt restructuring exercise

A team of experts working on debt restructuring will contribute to Zimbabwe's discussions with major external creditors in Lima, Peru, during the annual meetings of the International Monetary Fund (IMF) and the World Bank in October.

Zimbabwe's public and publicly guaranteed debt stood at $8,4 billion as at end June 2015. The country has an external debt of $6,7 billion, representing about 47% of gross domestic product and domestic debt of $1,7 billion.

In his Mid-term Fiscal Policy Review, Finance minister Patrick Chinamasa said the way forward on resolving the country's debt was being co-ordinated by a quadripartite committee with a mandate to develop options for the clearance of the arrears with three multilateral institutions.

The committee, chaired by the Reserve Bank governor, includes officials from the World Bank, the IMF and the African Development Bank.