Govt To Hire Consultant To Recalculate Interest On $1.4 Billion RBZ Debt, Worried It May Have Overpaid

The government has said that it will hire the services of specialised debt interest recalculation service providers in order to recalculate the interests on debts it contracted in 2013. The government assumed the RBZ Debt of $1.4 billion which was contracted prior to 2013 when the Reserve Bank of Zimbabwe Debt Assumption Act was gazetted. The government is worried that some creditors may have overcharged interest. In a statement the government said,

The consultant shall be responsible for identifying creditors who could have overcharged and paid interest, recalculate the interest and enforce the recovery of such overpaid interest…This could be done through the application of law or technical financial expertise lenders may have violated in the process of charging interest to Government.

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