{"id":101891,"date":"2024-12-13T23:20:03","date_gmt":"2024-12-13T21:20:03","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwes-mounting-debt-crisis-is-a-barrier-to-economic-recovery-says-mthuli-ncube"},"modified":"2024-12-14T01:23:09","modified_gmt":"2024-12-13T23:23:09","slug":"zimbabwes-mounting-debt-crisis-is-a-barrier-to-economic-recovery-says-mthuli-ncube","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/zimbabwes-mounting-debt-crisis-is-a-barrier-to-economic-recovery-says-mthuli-ncube","title":{"rendered":"Zimbabwe’s Mounting Debt Crisis Is A Barrier To Economic Recovery, Says Mthuli Ncube"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>Finance Minister Mthuli Ncube has admitted that Zimbabwe\u2019s mounting debt crisis is severely undermining efforts to stabilise the economy.<\/p>\n

Speaking in Harare this week, Ncube said that the country\u2019s ballooning debt, stagnant revenues, and shrinking fiscal space were the major issues.<\/p>\n

Zimbabwe\u2019s public debt has surged to over US$21 billion, nearly 90% of the country\u2019s GDP. Major creditors include the World Bank, the African Development Bank, the Paris Club, and the non-Paris Club. Said Ncube (via Business Times):<\/p>\n

If there is anything that keeps me awake at night as the Finance Minister it\u2019s this debt crisis. The issue of debt is critical and albatross that we need to remove from our necks so that the economy can move forward. This issue occupies me for the most of my time [and it\u2019s taking a toll on me].<\/p>\n

What is more worrisome to me is that Zimbabwe\u2019s average growth of around 6% is way lower than the interest rates growth.
\nThis means that our debt will continue to be increasing. That\u2019s why we have to restructure our debt to ensure that the debt does not accumulate.<\/p>\n

The country\u2019s growing debt burden limits the government\u2019s ability to fund public services and stifles economic growth prospects.<\/p>\n

To tackle the crisis, Ncube revealed plans to divest from underperforming State-Owned Enterprises (SOEs) to raise funds for debt repayment.<\/p>\n

The Zimbabwean government has also engaged with international financiers through a high-level dialogue platform led by African Development Bank (AfDB) President Dr Akinwumi Adesina and former Mozambican President Joaquim Chissano.<\/p>\n

However, these initiatives have faced challenges due to delays in implementing essential governance reforms, which are crucial for the arrears clearance and debt resolution agenda.<\/p>\n

For More News And Analysis About Zimbabwe<\/span> Follow Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. Finance Minister Mthuli Ncube has admitted that Zimbabwe\u2019s mounting debt crisis is severely undermining efforts to stabilise the economy. Speaking in Harare this week, Ncube said that the country\u2019s ballooning debt, stagnant revenues, and shrinking fiscal space were the major issues. Zimbabwe\u2019s public debt has surged to over US$21 billion, nearly 90% […]<\/p>\n","protected":false},"author":84,"featured_media":101890,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[376,16946,14069,17442,17443,19],"class_list":{"0":"post-101891","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-debt","10":"tag-debt-burden","11":"tag-debt-clearance","12":"tag-debt-crisis","13":"tag-debt-overhang","14":"tag-zimbabwe"},"yoast_head":"\nZimbabwe's Mounting Debt Crisis Is A Barrier To Economic Recovery, Says Mthuli Ncube - zimbabwe<\/title>\n<meta name=\"description\" content=\"Finance Minister Mthuli Ncube has admitted that Zimbabwe\u2019s mounting debt crisis is severely undermining efforts to stabi ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwes-mounting-debt-crisis-is-a-barrier-to-economic-recovery-says-mthuli-ncube\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zimbabwe's Mounting Debt Crisis Is A Barrier To Economic Recovery, Says Mthuli Ncube\" \/>\n<meta property=\"og:description\" content=\"Finance Minister Mthuli Ncube has admitted that Zimbabwe\u2019s mounting debt crisis is severely undermining efforts to stabi ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwes-mounting-debt-crisis-is-a-barrier-to-economic-recovery-says-mthuli-ncube\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-13T21:20:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-13T23:23:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/12\/sm_1734119570.471642.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"548\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwes-mounting-debt-crisis-is-a-barrier-to-economic-recovery-says-mthuli-ncube\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwes-mounting-debt-crisis-is-a-barrier-to-economic-recovery-says-mthuli-ncube\",\"name\":\"Zimbabwe's Mounting Debt Crisis Is A Barrier To Economic Recovery, Says Mthuli Ncube - 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