Finance and Economic Development, Minister Mthuli Ncube, revealed that Zimbabwe’s domestic debt has fallen after the government paid more $200 million to some of its creditors in January.
Ncube was addressing delegates attending a Zimra breakfast meeting held at a local hotel in Bulawayo as part of the ongoing ZITF on Thursday. He said:
I am going to say that domestic debt has also gone down as a percentage of GDP. I am not yet ready to share the figures but we paid our debt in January of $200 million.
The Finance Minister revealed in the 2019 budget presentation that domestic date stood $9.6 billion as at end of September 2018.
Economic analysts considered the ballooning debt unsustainable and a hindrance to economic recovery as the government was crowding out the private sector through the issuance of Treasury Bills.
More: Sunday News
Professor Mthuli Ncube is the Minister of Finance and Economic Development.He was the Chief Economist and Vice President of the African Development Bank ,financial, economics, investment, and public policy expert, entrepreneur and academic. Professor Ncube divides his time between the private sector in Switzerland and... Read More About Mthuli Ncube