News / National
Chinamasa gets reality check in the US
08 May 2015 at 07:04hrs | Views
Finance minister Patrick Chinamasa recently came back from the International Monetary Fund and World Bank 2015 spring meetings with the sobering realisation that Zimbabwe has a long way to ensure debt rescheduling or debt relief.
Informed diplomatic sources said this week the minister got a reality check during the meetings to discuss the global economy and financial situation in Washington D.C.
Chinamasa held meetings with officials from multilateral lending institutions and donors in a bid to build consensus among creditors and development partners on ways to address Zimbabwe's debt arrears and new funding issues.
Zimbabwe, grappling with a severe liquidity crunch, has an external debt and outstanding arrears of about US$10 billion.
The huge debt has made it difficult for the country to attract new finance from the private sector or attract funds from multilateral institutions and donor countries, hence government's decision to engage creditors for relief.
Multilateral institutions and donor countries have, however, demanded that the country embarks on a raft of economic and political reforms before entertaining any hopes of attracting new funds.
Diplomatic sources in the European Union (EU) told the Zimbabwe Independent this week Chinamasa, who is playing a prominent role in government's re-engagement programme with multilateral institutions and western countries, held a number of bilateral meetings with Zimbabwe's creditors in Washington D.C as he pushed for funds while trying to convince them that the country was committed to reforms.
Informed diplomatic sources said this week the minister got a reality check during the meetings to discuss the global economy and financial situation in Washington D.C.
Chinamasa held meetings with officials from multilateral lending institutions and donors in a bid to build consensus among creditors and development partners on ways to address Zimbabwe's debt arrears and new funding issues.
The huge debt has made it difficult for the country to attract new finance from the private sector or attract funds from multilateral institutions and donor countries, hence government's decision to engage creditors for relief.
Multilateral institutions and donor countries have, however, demanded that the country embarks on a raft of economic and political reforms before entertaining any hopes of attracting new funds.
Diplomatic sources in the European Union (EU) told the Zimbabwe Independent this week Chinamasa, who is playing a prominent role in government's re-engagement programme with multilateral institutions and western countries, held a number of bilateral meetings with Zimbabwe's creditors in Washington D.C as he pushed for funds while trying to convince them that the country was committed to reforms.
Source - Zim Ind
