Treasury completes debt audit

Treasury completes debt audit
Published: 11 November 2013
GOVERNMENT has completed validation of public debt and will soon release a detailed account of the makeup of the country's liabilities, a senior official has said.

Zimbabwe Head of Aid and Debt Management Office in the Ministry of Finance and Economic Development Mr Andrew Bvumbe said in an interview yesterday that validation of the debt has been completed and details the debt position would be published soon.

Mr Bvumbe said the previous debt figures that were being bandied about of US$10,7 billion and US$11 billion were just estimates and the debt was much lower.

"We have now finished validation of the public debt and publicly guaranteed debt and we are now preparing the first public debt bulletin, which will give the position of Zimbabwe's debt. From what we have US$10,7 billion was an estimate, which included, public debt, public guaranteed debt and private sector debt," he said.

Mr Bvumbe said the audit that has been has separated public debt, publicly guaranteed debt, private sector debt and liabilities related to the Reserve Bank of Zimbabwe.

Finance and Economic Development Minister Patrick Chinamasa recently said Zimbabwe's debt was overstated with Treasury estimated it at US$6 billion and US$7 billion.

A debt audit was critical to determine and substantiate the exact amount the country owes creditors as the country seeks ways to expunge the debt or have it forgiven.

Mr Bvumbe said they leant from the experience of Western countries that faced difficulties when they discussed debt forgiveness without full knowledge of what they owed.
- herald


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