Despite paying off IMF arrears, Zimbabwe will not get any credit until it clears all debts
Minister of Finance, Patrick Chinamasa has revealed that Zimbabwe will not get any funding from international lending institutions, despite paying off IMF debt, until it clears all debts due to the pari passu rule.
The pari passu rule states that all creditors are equal and should be paid back at the same pace or to the same degree without bias or preference.
Responding to MDC Shadow Finance Minister Tapiwa Mashakada, Chinamasa said
No, we are not getting anything yet because the pari passu rule requires us to settle all the arrears with the AfDB and World Bank.
More: Newsday
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