Zimbabwe to Refund $1.8 bln to World Bank

547
SHARE

Zimbabwe’s finance officer Patrick Chinamasa has informed the World Bank and African Development Bank (AfDB) that the southern African nation will not be able to pay the sum of $1.8 billion in arrears due to unavailability of finances at the time but will do so when economic fundamentals improve.

The government had negotiated a cheaper loan to pay the $1.8 billion but had decided against paying after realizing that the country could still remain in a debt cycle if it did not address its economic problems.

“When we think that the economic fundamentals of our economy are right, we then are in a position to repay the World Bank and the AfDB,” Chinamasa said.

“We need to put ourselves in a position that is sustainable in terms of honoring our obligations. So, to that extent, the ball is in our court.”