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Zimbabwe excluded from IMF debt relief, NO it cleared its debts in 2019

by Staff reporter
14 Apr 2020 at 12:54hrs | Views
The International Monetary Fund has approved immediate debt service relief for 19 African countries, excluding Zimbabwe, for an initial period of six months to enable them to channel financial resources towards dealing with the coronavirus pandemic.

The International Monetary Fund, IMF in 2019 revealed that Zimbabwe has already cleared all its outstanding debts.

Director of Communication with the International Monetary Fund Gerry Rice revealed this in a question posed to him about the recent reports of Zimbabwe's indebtedness to the Fund.

Despite the clearance of the arrears Zimbabwe still owes says $687 million to the African Development Bank, $1.4 billion to the World Bank, $322 million to the European investment bank.

Burkina Faso, Chad, Central African Republic and Mozambique are among the countries that will benefit from this relief.

Others are Benin, Comoros, Democratic Republic of Congo, The Gambia, Guinea, Guinea-Bissau, Liberia, Madagascar, Malawi, Mali, Niger, Rwanda, São Tomé and Príncipe, Sierra Leone and Togo.

Debt cancellation and relief for African countries are among measures that have been called for by advocacy groups to enable some of the most vulnerable countries in the region cope with the worsening pandemic.

Source - bbc