Zimbabwe Seeks to Oversee External Debt Repayment
Zimbabwe, which has been excluded from global capital markets since its default in 1999, is hopeful that its strengthening economy will allow it to repay external creditors, although it has not indicated when this process might commence.
Read: AfDB indicates that Zimbabwe is seeking $2.6bn in bridge financing to facilitate debt restructuring.
On Tuesday, Finance Minister Mthuli Ncube announced to the press in Harare that the nation’s debt-to-GDP ratio has dropped to 46% from around 60%, attributed to improved economic growth.
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“You can be assured that with this expanded GDP base, we possess enhanced opportunities and capabilities to start tackling our external debt,” he remarked, though he did not provide a specific timeline.
“The economy has reached a point where it can sustainably service our debts.”
Zimbabwe is looking to restructure its $21 billion debt, with approximately $12.3 billion owed to external creditors, including the World Bank, African Development Bank, and the European Investment Bank.
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