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Zimbabwe clears 15-year IMF debt arrears

Staff Writer | October 22, 2016
Zimbabwe has cleared its financial arrears of more than 100 million U.S. dollars with the International Monetary Fund (IMF).
Africa   Zimbabwe had been in continuous arrears since 2001
Zimbabwe paid 107.9 million dollars by transferring part of its cash holdings kept at the IMF to the Fund's Poverty Reduction and Growth Trust, IMF director of communications Gerry Rice said in a statement.

"Zimbabwe is now current on all its financial obligations to the IMF," Rice said.

Zimbabwe had been in continuous arrears since 2001. The payment of the debt arrears follows the IMF's approval of Zimbabwe's debt clearance strategy in May this year.

Under the debt clearance strategy, Zimbabwe pledged to clear its debt arrears amounting to $1.8 billion to the IMF, World Bank and the African Development Bank (AfDB) in 2016.

Zimbabwe now remains to settle its 1.15-billion arrears to the World Bank and 601 million dollars to the AfDB.