Wednesday, January 20, 2010

Zimbabwe must clear arrears first

Jan 19, 2010

The African Development Bank (ADB) on Monday said Zimbabwe must clear its arrears with international lending institutions before it can benefit from available funds.
ADB deputy president Aloysius Ordu told journalists that Zimbabwe’s debt of about 6 billion US dollars was too huge to allow the troubled southern African country to access new money.
Harare owes the international donor community about 3.2 billion dollars and owes around 1.3 billion to institutions such as the ADB, International Monetary Fund and the Word Bank.
Zimbabwe, having seen a decade of political turmoil and economic decline, is still largely dependent on donor support

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