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.
Related:
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Debt Accumulation Threatening The Sustainability Of Public Debt – World Bank
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Full Text: Monetary Policy Statement 2019 Delivered By John Mangudya
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Commercial Loans Won’t Clear Zim’s Debts
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