News / National
Zimbabwe unlikely to pay arrears this year: Biti
25 Mar 2011 at 12:48hrs | Views
Finance Minister Tendai Biti said on Friday the country was unlikely to pay off any international arrears this year after revenue collection fell 35 percent below target in the first quarter.
Biti said Zimbabwe, which owes foreign lenders $7 billion, was not meeting its economic expectations and revenue collection was below target by $80 million every month.
Prime Minister Morgan Tsvangirai early this month said the country would use revenue from alluvial diamond sales to repay part of its external debt, which stands at more than annual gross domestic product estimated at $6 billion.
Biti said Zimbabwe, which owes foreign lenders $7 billion, was not meeting its economic expectations and revenue collection was below target by $80 million every month.
Prime Minister Morgan Tsvangirai early this month said the country would use revenue from alluvial diamond sales to repay part of its external debt, which stands at more than annual gross domestic product estimated at $6 billion.
Source - Byo24News
