Home » Zimbabwe: Harare requires debt cuts of USD 19.2 billion

Zimbabwe: Harare requires debt cuts of USD 19.2 billion

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by: Simona Salvi | 4 June 2024

Zimbabwe is aiming for marked cuts by collectors of its $19.2 billion debt, which “enormously weighs on the nation’s growth wants as a result of lack of entry to worldwide assets to finance financial restoration”. The Minister of Finance, Mthuli Ncube, mentioned this in an interview with Bloomberg on the sidelines of the annual African Development Bank (Afdb) assembly held in Nairobi, Kenya.

“We will attempt to get many cuts and cancellation of late cost penalties,” the minister mentioned. Zimbabwe owes $13 billion to its exterior collectors and $6.2 billion to native buyers, in accordance with information introduced by Ncube. External collectors embody the member nations of the Paris Club, the World Bank, the European Investment Bank (EIB) and the AfDB.

The International Monetary Fund (IMF) has conditioned the resumption of its monetary assist to Zimbabwe on the liquidation of the nation’s arrears, which has already began making “symbolic” repayments to multilateral monetary establishments and Club member nations from Paris.

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