Unsustainable Debt Blocking IMF From Financially Assisting Zimbabwe

The International Monetary Fund (IMF) has said unsustainable debt is blocking the Breton Woods institution from financially assisting Zimbabwe.

IMF Director of the Communications Department Gerry Rice made the remarks on Friday adding that the international financial institution was aware of the deteriorating economic and social situation in Zimbabwe, which has been exacerbated by the Covid-19 pandemic. Said Rice:

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_We are precluded from providing financial support at this point, due to unsustainable debt and official external arrears at the situation… the Fund continues to provide policy advice and capacity development to Zimbabwe._

Zimbabwe cleared its 15-year debt arrears to the IMF amounting to about 108 million U.S. dollars in 2016.

However, the IMF insisted that the Southern African country is not eligible to receive new loans until it clears debt with other international financial institutions and bilateral creditors and also implements a strong reform agenda.

According to Finance Minister Mthuli Ncube, Zimbabwe’s total guaranteed external debt stood at about US$8.43 billion dollars at end of December 2020.

More: Pindula News; NewZimbabwe

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