Zim external debt stands at $6.1 billion

Zim external debt stands at $6.1 billion
Published: 20 December 2013
Following the completion of the validation and reconciliation exercise of the country's external debt, total external public and publicly guaranteed debt (excluding Reserve Bank and private sector external debt) as at 31 December 2012 stood at $6.077 billion, (49 per cent of GDP), according to the 2014 national budget presented by the Minister of Finance Patrick Chinamasa to Parliament on Thursday.

The minister emphasized the need for continuous re-engagement with creditors and negations so as to reduce the debt position of the country. He also said that through the IMF Staff Monitoring Programme and the Zimbabwe Accelerated Arrears Clearance Debt and Development Strategy (ZAADDS), there has been progress on paving the way for negotiating the clearance of arrears and debt relief for the country which is not an event but a process.

"I am pleased to report that significant progress has been made in the implementation of ZAADDS, with the Zimbabwe Aid and Debt Management Office (ZADMO) being established in December 2010, in the Ministry of Finance. ZADMO is now fully operational. In addition, the validation and reconciliation exercise of the external debt data base which commenced in 2011 has now been completed," he said.

The budget statement shows that total multilateral debt stock as at 31 December 2012 stood at $2.49 billion (41 percent of total debt), of which arrears amounted to $1.96 billion.

Total external debt to bilateral creditors stood at $3.59 billion (59 percent of total debt), of which the stock of arrears amounted to $2.75 billion or 77 percent. Of the total external debt amounting to $6.077 billion, penalty charges accounted for $1.026 billion (17 percent of total external debt).
- bh24
Tags: Debt,

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