By Staff Reporter

The International Monetary Fu..." /> IMF offers to assist Zim clear debt

IMF offers to assist Zim clear debt

...

By Staff Reporter

The International Monetary Fund (IMF) yesterday said it was ready to help Zimbabwe craft a debt clearance strategy anchored on fundamental economic reforms. This comes after outgoing British Ambassador to Zimbabwe Catriona Laing made similar remarks on Tuesday that London was prepared to support an interim staff-monitored programme for Zimbabwe to quickly clear its obligations to international lenders and start accessing new funding.

Since 1999, Zimbabwe has been unable to access foreign funding, critical for infrastructure development, after it defaulted on payments.

The US sanctions law, the Zimbabwe Democracy and Economic Recovery Act (ZDERA), also precluded multilateral institutions with dealings with the US from extending lines of credit to Zimbabwe.

Zimbabwe is in arrears of nearly $1,8 billion to the World Bank and the African Development Bank.


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