Zimbabwe expects to get $2 billion in credit after it clears AfDB and World Bank loans

Posted by Maveriq

Zimbabwe is expecting to secure $2 billion in credit from the African Development Bank (AfDB), World Bank and the International Monetary Fund (IMF) once it clears its arrears. Zimbabwe has $1,7 billion debt clearance plan tabled which has already been approved.

Reserve Bank of Zimbabwe (RBZ) Deputy Governor Dr Khupukile Mlambo said:

We have been very serious about reengaging the international community and people say ‘oh but Chinamasa (Finance and Economic Development Minister) is coming without money from IMF’. . . But the challenge is that there is something called the preferred creditors (IMF, World Bank and AfDB) . . . and you do not get a loan from any of them if you owe one of them.

We now need to clear both the AfDB and World Bank. We have cleared the IMF loan but the AfDB and World Bank loans are still outstanding.

More: Chronicle

Reserve Bank of Zimbabwe

The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides... Read More About Reserve Bank of Zimbabwe

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