THE International Monetary Fund, IMF has revealed that Zimbabwe has already cleared all its outstanding debts.<\/p>\n
Director of Communication with the International Monetary Fund Gerry Rice revealed this in a question posed to him about the recent reports of Zimbabwe\u2019s indebtedness to the Fund.<\/p>\n
Despite the clearance of the arrears Zimbabwe still owes says $687 million to the African Development Bank, $1.4 billion to the World Bank, $322 million to the European investment bank.<\/p>\n
Mr Rice said \u201cWe have talked quite a bit about Zimbabwe here in the past but just to answer the question, and I\u2019ve said it before here, that Zimbabwe has cleared, indeed, its arrears to the IMF.<\/p>\n
He says \u201c I think that\u2019s the word I would want to stress, is the \u201cpeacefully\u201d and, you know, try to develop policies that will stabilise the economy and promote sustainable and inclusive growth and it\u2019s clearly a very difficult situation there in Zimbabwe and we recognise that\u201d.<\/p>\n
A report released by the African Department of the IMF last week reveals that Zimbabwe\u2019s expenditure is way above that of its counterpart and not effective.<\/p>\n
The report proposes that the South African country cut wages for its top civil servant by 5 percent.<\/p>\n
It also wants the country to limit the transfer of State Owned Enterprises, rationalise agricultural input schemes and address issues with regards to grain subsidies.<\/p>\n
Helping hand from South Africa<\/p>\n
South Africa last month offered to help its neighbour Zimbabwe clear its $7.4 billion external debt in the wake of recent economic turmoil.<\/p>\n
South African Finance Minister Tito Mboweni who confirmed the report says talks between the two countries are ongoing.<\/p>\n
The talks between the two neighbours will focus on clearing the debt owed the donor multilateral institutions such as the Paris Club.<\/p>\n
The Paris Club is an informal group of official creditors who try to find sustainable and coordinated solutions to payment problems that debtor countries experience.<\/p>\n","protected":false},"excerpt":{"rendered":"
THE International Monetary Fund, IMF has revealed that Zimbabwe has already cleared all its outstanding debts. Director of Communication with the International Monetary Fund Gerry Rice revealed this in a question posed to him about the recent reports of Zimbabwe\u2019s indebtedness to the Fund. Despite the clearance of the arrears Zimbabwe still owes says $687 […]<\/p>\n","protected":false},"author":84,"featured_media":3703,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6,35],"tags":[194,174,240],"class_list":{"0":"post-3701","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"category-homepage-english","10":"tag-budget","11":"tag-finance","12":"tag-money"},"yoast_head":"\n