By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Open Parly ZWOpen Parly ZWOpen Parly ZW
Notification Show More
Font ResizerAa
  • Home
  • News
  • Bills
  • Bill Tracker
  • Cabinet Briefs
  • Videos & LIVE Streams
  • Find your MP
  • Open Council
  • About
Reading: Arrears constitute 77% of Zim external debt
Share
Font ResizerAa
Open Parly ZWOpen Parly ZW
Search
  • Home
  • News
  • Bills
  • Bill Tracker
  • Cabinet Briefs
  • Videos & LIVE Streams
  • Find your MP
  • Open Council
  • About
Have an existing account? Sign In
Follow US
Open Parly ZW > Budget > Arrears constitute 77% of Zim external debt
Arrears constitute 77% of Zim external debt
BudgetMembers of ParliamentNews

Arrears constitute 77% of Zim external debt

tendai
Last updated: December 15, 2020 9:01 pm
tendai Published December 15, 2020
Share
SHARE

Zimbabwe’s failure to service its external debts has seen arrears surging to about 77% of the total external debt.

This development means Zimbabwe is less attractive when it applies for debts from the various lending institutions.

Despite this debt overhang, Zimbabwe is trying to open avenues for borrowing to help uplift the economy that battered by deindustrialisation and bad policies.

Speaking in the National Assembly, Finance Minister Mthuli Ncube said arrears remain a challenge in the country’s quest for funding.

“Arrears remains a major challenge to the economy, making up over 77% of total external debt.

“On average, almost all external debt to multilateral development financing institutions (MDBS) is now in arrears (World Bank Group 88%, African Development Bank 95% and European Investment Bank 95%),” he said.

According to the The Finance Minister, there is need to engage the creditors with a view to settle the arrears.

“Therefore, re-engagement with MDBs and other creditors for arrears clearance remains critical in unlocking new external financing.

“Going forward, government’s strategy is as follows, prioritise token payment to MDBs and payment to creditors with positive net inflows, focus on concessional external financing, limit non-concessional borrowing to economically viable projects,” he said.

He added that there is need to “continue re-engaging MDBs and other creditors for a program preferably post staff monitored program (SMP)stage, given progress made so far in stabilising and other supply-side governance and structural reforms under the Transitional Stabilisation Program.”

You Might Also Like

Mthuli Ncube to present 2025 Mid-Term Budget Review

From the Heartland of America to the Heart of Africa: Ohio to Partner with Angola in Breakthrough Security Initiative

REPORT ON THE STATUS OF ZIMBABWEAN BORDER POSTS

Medical Services Amendment Bill [H. B. 6, 2024] Second Reading Speech

Amend the Maintenance Act to Mandate DNA Testing Before Payment

TAGGED:african development bankArrears constitute 77% of Zim external debteuropean investment bankIMFworld bank
Share This Article
Facebook Twitter Email Print

Follow US

Find US on Social Medias
FacebookLike
TwitterFollow
YoutubeSubscribe
Trending News
US$160m scandal as Geo Pomona smiles all the way to the bank
FeatureFeaturedNews

US$160m scandal as Geo Pomona smiles all the way to the bank

Daniel Chigundu Daniel Chigundu June 9, 2025
Chivayo’s suppliers Faramatsi, Exquisite Cars fail to supply Govt car tenders
NATIONAL GENDER POLICY (2025) ZIMBABWE [DOWNLOAD]
Amend the Maintenance Act to Mandate DNA Testing Before Payment
3,433 Pregnant Teens Drop Out of School: Should Zimbabwe Continue Shunning Abortion?

Categories

  • ES Money
  • U.K News
  • The Escapist
  • Insider
  • Science
  • Technology
  • LifeStyle
  • Marketing

About US

We influence 20 million users and is the number one business and technology news network on the planet.

Subscribe US

Subscribe to our newsletter to get our newest articles instantly!

[mc4wp_form]

OpenParlyZW is a project of Magamba Network established in 2015 that seeks to open the Parliament of Zimbabwe using digital tools and civic tech to promote and enable engagement between decision-makers & Citizens for a better society for young Zimbabweans

FacebookLike
TwitterFollow
YoutubeSubscribe

Categories

  • ES Money
  • U.K News
  • The Escapist
  • Insider
  • Science
  • Technology
  • LifeStyle
  • Marketing

About US

We influence 20 million users and is the number one business and technology news network on the planet.

Subscribe US

Subscribe to our newsletter to get our newest articles instantly!

[mc4wp_form]

OpenParlyZW is a project of Magamba Network established in 2015 that seeks to open the Parliament of Zimbabwe using digital tools and civic tech to promote and enable engagement between decision-makers & Citizens for a better society for young Zimbabweans

FacebookLike
TwitterFollow
YoutubeSubscribe
© 2024 Openparly. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?