Zimbabwe to pay $1.8 billion only when economy is strongerStaff Writer | September 21, 2017
Zimbabwe’s Finance Minister said the southern African nation would not be able pay $1.8 billion in arrears to the World Bank and African Development Bank (AfDB) until economic fundamentals improve.
Africa Finance Minister:
Chinamasa said the government had negotiated a cheaper loan to pay the $1.8 billion but had decided against paying after realising that the country could still remain in a debt cycle if it did not address its economic problems.
He did not give the source of the new loan but said Zimbabwe was paying 15 percent a year on its World Bank loan. Zimbabwe’s total foreign debt is more than $7 billion. ■