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Economists Urge Zimbabwe to Settle $10 Billion Debt, Make Fresh Start

  • Blessing  Zulu

Finance Minister Patrick Chinamasa

Finance Minister Patrick Chinamasa

Economic experts are urging Finance Minister Patrick Chinamasa to address the country’s debt overhang, currently standing at nearly $10 billion to help the country secure fresh loans they say are key in reviving the stuttering economy.

Chinamasa has indicated that Harare will from next year engage the World Bank over the one billion dollars it owes.

Zimbabwe's total external debt is $6.9 billion and among its creditors are the African Development Bank, which it owes $612 million, the European Investment Bank ($350 million) and the International Monetary Fund ($142 million).

The country also owes the Paris Club about $3.09 billion.

Former Finance Minister Tendai Biti told VOA Studio 7 Harare must find ways of addressing its debt crisis but without exposing its population to the harsh economic environment.

Director of the Labour and Economic Development Research Institute of Zimbabwe Godfrey Kanyenze said addressing the debt will unlock investments for Harare.

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