News / National
Zimbabwe settles $107 million IMF debt
21 Oct 2016 at 10:18hrs | Views
Zimbabwe has miraculously cleared it's staggering $107 million debt to International Monetary Fund.
The money was paid on Thursday, IMF Director of Communications Gerry Rice said.
"On October 20, 2016, Zimbabwe settled its overdue financial obligations to the Poverty Reduction and Growth Trust (PRGT) of the IMF" said Rice in a statement.
" Zimbabwe had been in continuous arrears since 2001. To settle these obligations, which amounted to SDR 78.3 million (about $107.9 million), Zimbabwe transferred part of its SDR holdings kept at the IMF to the PRGT account. Zimbabwe is now current on all its financial obligations to the IMF".
The IMF had said last year that it might resume financial support to Zimbabwe in 2016 if foreign creditors accepted Harare's arrears clearance plan and the government implemented economic reforms to boost growth.
Crisis-hit Zimbabwe owes the World Bank $1.15 billion and the African Development Bank $601 million.
The country spends more than 80% of its revenues on salaries of civil servants.
The money was paid on Thursday, IMF Director of Communications Gerry Rice said.
"On October 20, 2016, Zimbabwe settled its overdue financial obligations to the Poverty Reduction and Growth Trust (PRGT) of the IMF" said Rice in a statement.
The IMF had said last year that it might resume financial support to Zimbabwe in 2016 if foreign creditors accepted Harare's arrears clearance plan and the government implemented economic reforms to boost growth.
Crisis-hit Zimbabwe owes the World Bank $1.15 billion and the African Development Bank $601 million.
The country spends more than 80% of its revenues on salaries of civil servants.
Source - online
