Zimbabwe secures US$1,1 billion from Trafigura to clear World Bank and AfDB debts, raises hopes of new funding

Posted by Tayana

Finance Minister Patrick Chinamasa confirmed that Zimbabwe had secured US$1,1 billion from Singaporean commodities firm Trafigura Group to clear World Bank and African Development Bank (AfDB) debts.

Said Chinamasa:

The Government of Zimbabwe is pleased to announce that it has met all the conditions precedent to the repayment of debt arrears to the World bank and the AfDB. This positive development comes after the country successfully settled its debt arrears to the IMF on October 20, 2016.

The money that was secured from Trafigura is part of the Lima Plan which was designed in 2015 to clear Zimbabwe’s arrears and secure US$2 billion in funding.

More: Zimbabwe Independent

Patrick ChinamasaZimbabwe

Patrick Anthony Chinamasa is a Zimbabwean politician and a member of the ruling Zanu-PF party. He is the current Minister of Finance and Economic Planning .He was reappointed to the ministry after President Emmerson Mnangagwa had appointed his cabinet in November 2017.Chinamasa is former Minister... Read More About Patrick Chinamasa

The Republic of Zimbabwe is a country located in the Southern Africa region. Its capital city is :Harare and the country has 10 provinces. Zimbabwe is 390,580 sq km and is bordered on all sides by other countries (Zambia in the north, South Africa in... Read More About Zimbabwe

Previous

Charles Kuwaza had ongoing disputes with top officials in Mugabe's office

Next

Mphoko criticised for calling on army to intervene in Zanu-PF factional fights

Leave a Reply

Your email address will not be published.