'Debt clearance key to IMF funding resumption'

'Debt clearance key to IMF funding resumption'
Published: 07 March 2018
The International Monetary Fund (IMF) plans to help the government with taxation reform policies under its technical assistance plan pending resolution of debt clearances owed by Zimbabwe to other multilateral financiers.

Zimbabwe's clearance of debts to the IMF last year marked a shift to normalisation of times; however, the nation is still to get any meaningful funding from the global lender.

IMF resident representative Mr Christian Beddies says while the institution has restored technical help to the government through  tax reform policies, resumption of normal funding will be depend on the ability by Zimbabwe to clear outstanding debts owed to the World Bank, African Development Bank and other lenders.

"There is still a lot that needs to be done because as it stands we cannot just do that since there are other funds that need to be repaid," said Mr Beddies.

Zimbabwe has tabled a US$1.7 billion debt clearance plan to the World Bank and the African Development Bank which has however been approved.

The clearing of the arrears is expected to reduce the country's risk and open fresh avenues for credit from external private banks.
- zbc
Tags: IMF,


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