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The World Bank Pledges To Offer Technical Support To Zimbabwe

5 years agoThu, 27 Sep 2018 23:58:21 GMT
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The World Bank Pledges To Offer Technical Support To Zimbabwe

The World Bank on Wednesday said it will offer technical support to Zimbabwe as it seeks to implement a debt arrears clearance plan, dubbed the Lima plan agreed with global lenders in Peru in 2015.

Zimbabwe owes the World Bank over 1 billion U.S. dollars in debt arrears, which led the global lender to suspend balance of payment support to the southern African country in 2000.

The near two-decades-long isolation from the international community restricted financial aid flows and resulted in a build-up of arrears to multilateral and bilateral partners including the World Bank, the African Development Bank and the IMF.

World Bank vice president for Africa Hafez Ghanem told Zimbabwean media after a meeting with President Emmerson Mnangagwa in New York that the two had discussed the possibility of the bank providing technical support to Zimbabwe.

Said  Ghanem:

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We will be in contact with them (Zimbabwean Minister of Finance and central bank governor) to work on that (Lima plan) and also to look at the future how the World Bank and Zimbabwe’s cooperation can be strengthened and how we can move beyond the debt clearance.

Image Credit: WikiMedia

More:Xinhua

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