Business / Economy
Chinamasa confident to clear $1.8b debt
18 Jul 2016 at 15:30hrs | Views
Finance Minister Patrick Chinamasa has said the country is on course to clear the $1.8 billion of arrears it owes the the World Bank, International Monetary Fund and African Development Bank.
This is despite missing its own set June 30 deadline to repay.
"A strategy for clearing of arrears is running parallel with negotiations for a country finance program," Chinamasa said from Rwanda.
"Neither of them is complete. A country finance program should be in place before and we should be clear how much money we need. Only then can we clear the arrears."
Last week, central bank Governor John Mangudya said Zimbabwe has not paid anything.
The nation owes $110 million to the IMF, $1.1 billion to the World Bank and $601 million to the AfDB, Mangudya said.
This is despite missing its own set June 30 deadline to repay.
"A strategy for clearing of arrears is running parallel with negotiations for a country finance program," Chinamasa said from Rwanda.
"Neither of them is complete. A country finance program should be in place before and we should be clear how much money we need. Only then can we clear the arrears."
Last week, central bank Governor John Mangudya said Zimbabwe has not paid anything.
The nation owes $110 million to the IMF, $1.1 billion to the World Bank and $601 million to the AfDB, Mangudya said.
Source - Byo24News
