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Zimbabwe is keen to have an IMF-supervised economic reform programme for the clearance of arrears to three international financial institutions (IFIs). This will help the country to normalise relations with its creditors
Zimbabwe is keen to have an IMF-supervised economic reform programme for the clearance of arrears to three international financial institutions (IFIs). This will help the country to normalise relations with its creditors.
Finance and Economic Development minister Mthuli Ncube said that Zimbabwe has engaged the two IFIs to resolve the debt crisis before it deals with the Paris Club creditors. He made this statement on the sidelines of the IMF-World Bank Meeting taking place in Washington.
Zimbabwe owes the World Bank Group US$1.4bn, AfDB US$681m, and US$344m to the European Investment Bank (EIB). It also owes the 17 Paris Club members.
Zimbabwe has an external debt of over US$14.4bn which has prevented the Southern African country from accessing cheap lines of credit from the IFIs.
It has appointed AfDB president Akinwumi Adesina as the champion to lead the arrears clearance process. The process has received support from the United States which has urged Zimbabwe to undertake economic and political reforms.
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Zimbabwe has been making token payments quarterly to AfDB, the World Bank, EIB, and the Paris Club members.
