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Mthuli Ncube to clear $2 billion debt arrears in 12 months

by newzimbabwe
20 Oct 2018 at 08:28hrs | Views
FINANCE minister Mthuli Ncube has said Zimbabwe is looking to clear its $2 billion arrears with the World Bank and African Development Bank in the next 12 months.

In an interview with Reuters news agency, Prof Ncube said his arrears clearance plan has received crucial backing from international creditors.

"My intention is that by this time next year we would have paid off the AfDB and World Bank," the minister told Reuters.

"All options are on the table, including the Highly Indebted Poor Country (HIPC) option debt write-off, or the HIPC-lite or the ad-hoc solutions, with sponsors.

"For sponsors, we will be talking to the G7 members to see if one or two of them, or all of them, could sponsor us and give us some lines of credit, bridging finance to be able to clear those arrears."

Source - newzimbabwe