President Emmerson Mnangagwa’s administration is reported to have committed to pay US$1,2 billion arrears to the World Bank by April. The government is working on getting new loans from the multilateral institutions. The government is working with the British multinational bank Standard Chartered Plc and other institutions to raise the US$1,8 billion to clear the arrears. The other US$600 million is owed to the African Development Bank (AfDB).
However, officials say that even if Zimbabwe clears its debts the government will still need to convince the United States of America that it is legitimate in order to get the funding. An official who spoke to The Zimbabwe Independent said:
An extended credit facility is therefore likely to be discussed at the IMF board meetings sometime in October. If funding is to come, it will be after a detailed economic programme with time-bound reforms. But it will be critical to get the Americans on board because they are very influential at the IMF and World Bank.
More: The Independent
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