Zimbabwe is planning to settle its debt arrears with multilateral institutions in the next six months, Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has said.

Zim draws down $1,1bn from Afreximbank facilities

The southern African country has failed to clear its arrears with the World Bank, the African Development Bank (AfDB) and the International Monetary Fund (IMF) despite a plan agreed in Lima, Peru, in 2015 to clear over $1,8 billion by September 2016.

To date, the country has only settled the IMF’s arrears amounting to $108 million.

“Zimbabwe is still very much committed to the Lima debt repayment plan. Repaying the country’s loans to international financial institutions is a process we are determined to do within the next six months,” Mangudya told The Financial Gazette.

The country has relaxed several policies to attract investment from the international community since the assumption of power by incumbent Emmerson Mnangagwa, who took over after the resignation of former president Robert Mugabe following a military intervention.

Zimbabwe owes the World Bank and the African Development Bank about $2,5 billion, about 75 percent of which is in arrears. In addition to that, it also owes $3,2 billion to bilateral institutions. Of that amount, 80 percent is owed to Germany, France, Japan, the United Kingdom and United States.

As a result, total external debt is estimated at around $10 billion.

Mangudya said Zimbabwe’s arrears clearance plan would be supported by commercial loans backed by export receivables.

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