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Vol 57 No 7

Published 1st April 2016


Clearing decks and debts

Hopes are high for a debt-repayment package, the next step on the road to new credit and investment but key reforms will be necessary

Zimbabwe has approached Algeria for US$900 million to help clear its debt-repayment arrears, financial sources in Harare have told Africa Confidential. Zimbabwe owes $1.8 billion to international financial institutions, including the World Bank, the International Monetary Fund and the African Development Bank and needs to clear the arrears in order to gain access to new credit. Total foreign debt stands at $10.8 billion. The broad terms of a debt repayment schedule were agreed with international creditors on the sidelines of the annual meetings of the IMF and WB in Lima, Peru, last October.

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