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IMF, World Bank: Zimbabwe Won’t Get Fresh Loans

Finance Minister Patrick Chinamasa says international finance institutions want Zimbabwe to repay loans before accessing fresh lines of credit.

Chinamasa, who has just returned to Zimbabwe after attending recent annual World Bank meetings in Washington DC, told the local media that the International Monetary Fund (IMF), World Bank, African Development Bank and African Export and Import Bank want the country to clear its estimated $11.5 billion external debt. More than half of the debt is in arrears.

Chinamasa is reported to have told these institutions that Zimbabwe won’t be able to clear its debt if it does not get fresh lines of credit to boost economic growth.

The IMF is closely assessing Zimbabwe’s economic activities under its staff monitoring programme.