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Zanu-PF to oppose Biti's debt plan
16 Jan 2012 at 08:34hrs | Views
Zanu-PF on Friday said it will vigorously oppose Finance Minister Tendai Biti's plan to get Zimbabwe's staggering $7.4 billion external debt written off under the Heavily Indebted Poor Countries initiative.
HIPC is a debt relief programme managed by the International Monetary Fund and the World Bank. Zanu PF's comments come after it emerged last week that Biti was in talks with the British Embassy in Harare to work out modalities to clear the debt in a bid to enable the resource-rich southern African country, isolated from international capital over the past decade, to access international capital markets once again.
Biti says the country must seek debt write-off under HIPC because the arrears were blocking desperately-needed fresh lines of credit. Zanu PF, however says Zimbabwe is not poor but remains saddled by sanctions.
HIPC is a debt relief programme managed by the International Monetary Fund and the World Bank. Zanu PF's comments come after it emerged last week that Biti was in talks with the British Embassy in Harare to work out modalities to clear the debt in a bid to enable the resource-rich southern African country, isolated from international capital over the past decade, to access international capital markets once again.
Biti says the country must seek debt write-off under HIPC because the arrears were blocking desperately-needed fresh lines of credit. Zanu PF, however says Zimbabwe is not poor but remains saddled by sanctions.
Source - DN
