Govt moves to address debt situation

Government and international financial institutions have constituted a committee to focus on debt resolution as part of re-engagement efforts aimed at finding a solution to the country's debt situation.

The quadripartite committee comprises Government, the World Bank, the African Development Bank, IMF and the Reserve Bank of Zimbabwe. The RBZ Governor John Mangudya chairs the committee which will meet in Lima in October.

As at the end of June, Zimbabwe's public and publicly guaranteed debt stood at $8,4 billion. This comprises external debt of $6,7 billion, representing about 47 percent of GDP, and domestic debt of $1,7 billion.

Zimbabwe owes bilateral creditors $3,5 billion including arrears, Paris Club $2,8 billion, non-Paris Club $709 million, multilateral creditors $2,57 billion while the RBZ owes external creditors $587 million.