Mthuli said immediately after clearing the debt, Zimbabwe would seek 1 billion dollars from the two multilateral financial institutions to repay the G7 debt, the Herald newspaper reported.
The minister said Zimbabwe also expected the Paris Club, whom it owes 2.8 billion dollars, to forgive part of the debt.Mthuli said Zimbabwe’s total external debt stood at approximately 8.5 billion dollars as at end of June this year.The debts, owed for over a decade now, have prevented the country from accessing fresh capital from the multilateral financial institutions to help revive the economy.
This is despite the fact that the country in 2016 cleared its 108 million dollars arrears with the International Monetary Fund . Mthuli said Zimbabwe will need to first complete a staff monitored programme with the IMF to restore sound and sustainable macro-economic fundamentals to be in good standing for fresh credit.Tags: