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Zimbabwe miss $1.8 billion repayment deadline

by Thobekile Zhou
14 Jul 2016 at 17:14hrs | Views
John Mangudya
President Robert Mugabe's government failed to repay $1.8 billion to the International Monetary Fund, the World Bank and African Development Bank.

The country had set its own deadline of June 30.

"Right now, we've not paid anything.

"That is why we have this re-engagement process with international financial institutions. This is all part of re-engagement and confidence building measures" Reserve Bank of Zimbabwe governor John Mangudya is quoted saying Thursday evening.

Failure to meet the self imposed deadline would further delay the cash strapped country from borrowing from financial lenders.

Zimbabwe owes $110 million to the IMF, $1.1 billion to the World Bank and $601 million to the African Development Bank.

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