News / National
$6.3 million debt waiver from Bulgaria 
24 Feb 2011 at 00:28hrs | Views
Bulgaria's Cabinet decided to waive $6.3 million, or 77 percent, of Soviet-era Zimbabwean debt and transform it into development aid.
According to a draft agreement between the two countries to be signed later this year, Zimbabwe would repay $1.886 million in four instalments, the Sofia-based government said in an e- mail today, after approving the draft.
Zimbabwe's $8.2 million debt, not serviced in the past 20 years, was accumulated before the collapse of the communist regime in Bulgaria in 1990, in return for arms, construction of roads and factories and technical aid. The southern African nation's total external debt was $6.9 billion at the end of last year.
According to a draft agreement between the two countries to be signed later this year, Zimbabwe would repay $1.886 million in four instalments, the Sofia-based government said in an e- mail today, after approving the draft.
Zimbabwe's $8.2 million debt, not serviced in the past 20 years, was accumulated before the collapse of the communist regime in Bulgaria in 1990, in return for arms, construction of roads and factories and technical aid. The southern African nation's total external debt was $6.9 billion at the end of last year.
Source - Byo24News
