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Zimbabwe external debt hits US$8bn

by Staff reporter
14 Oct 2019 at 07:11hrs | Views
Zimbabwe's external debt is an estimated US$8 billion, the Finance and Economic Development 2020 pre-budget strategy paper has revealed.

The strategy paper revealed that the country's total public and publicly guaranteed external debt position was estimated at US$8 billion as at end of June 2019 and of this amount, US$5,9 billion constitutes accumulated arrears.

The World Bank and IMF have endorsed Zimbabwe's plan to clear foreign debt, the finance minister announced on Wednesday, adding that the lenders had also backed his two-year economic recovery programme.

President Emmerson Mnangagwa has promised to revive the struggling economy, pay foreign debts that the country has defaulted on since 1999 and end Zimbabwe's international pariah status gained under former president Robert Mugabe's near four-decade rule.

Finance minister Mthuli Ncube, who is attending the IMF and World Bank meetings in Bali, Indonesia, said in a statement his plans to clear the arrears to the World Bank, African Development Bank and European Investment Bank had been accepted.

"All the co-operating partners and creditors present uniformly expressed their support for Zimbabwe and its arrears clearance road map," Ncube said. He did not give details and none of the creditors had immediate comment.

Source - Daily News