Zimbabwe has cleared its financial arrears with the International Monetary Fund, after settling its 15-year-old $107.9 million debt, the Bretton Woods institute said on Friday.
Gerry Rice, IMF spokesperson, said: “On October 20, 2016, Zimbabwe settled its overdue financial obligations to the Poverty Reduction and Growth Trust of the IMF. Zimbabwe had been in continuous arrears since 2001.
Rice said: “To settle these obligations, which amounted to 783 million Special Drawing Rights (SDR) (about 107.9 million dollars), Zimbabwe transferred part of its SDR holdings kept at the IMF to the PRGT account. Zimbabwe is now current on all its financial obligations to the IMF.”
The cash-starved investment-hungry country has been in arrears with the institute since 2001, used its SDR, as allocated to all IMF members in 2009 in a financial rescue package move meant to settle all outstanding debts.
As part of its package, Zimbabwe got 500m dollars in special drawing rights.
After settling the IMF debt, Zimbabwe now owes the African Development Bank 601 million dollars and the World Bank 1.15 billion dollars.
The country’s debt overhang, at 10.8 billion dollars, continues to be a major impediment to its re-engagement with the international community and limits access to concessional funding.
Trending
- OSUN: NANS seeks intervention from Governor Adeleke, threatens protest over fee hike, palliative
- Easter Celebration: IGP orders round-the-clock water-tight security at all public spaces
- Kogi poll: SDP witness contradicts self on alleged ‘affidavit forgery’ against Governor Ododo
- No BoT in Labour Party, spokesman dismisses takeover claims
- Nigerian writer urges preservation of literary heritage amid writer shortage
- Health professionals brainstorm in Abuja, seek drug free society
- CAF announce dates for Champions League, Confederation Cup Finals
- Tayo Ayinde withdraws suit against Gani Adams, restates commitment to peace