Judicial Legal-Judicial


HARARE-- Zimbabwe will take its re-engagement thrust to Bali, Indonesia, at the World Bank and International Monetary Fund (IMF) annual meetings from Oct 8 to 14 to lobby for support

from international financial institutions (IFIs) on its debt arrears clearance plan, says Finance and Economic Development Minister Professor Mthuli Ncube.

Zimbabwe owes the World Bank and the African Development Bank (AfDB) more than one billion US dollars in debt arrears. The arrears had built up as a result of the suspension of budgetary support from the global lenders who demanded that the country settle its arrears first to access fresh funding.

Despite committing to paying off the arrears under the Lima Plan, funding challenges have stalled the plan and the country has so far only managed to clear arrears owed to the IMF. Clearance of the arrears to the other global lenders would facilitate access to much needed new financing from the IFIs.

Ncube said in an interview here that Zimbabwe would use the meetings to unlock the debt arrears conundrum. We have also made plans for how we will conduct our business at the next World Bank/IMF annual meetings in Bali, he said.

We will have an event on Zimbabwe where we will present our reform plans to them (IFIs) then they work with us to see how we can unlock this arrears clearance issue.

So far, the World Bank and the British government have expressed willingness to support Zimbabwe implement its debt arrears clearance plan, dubbed the Lima Plan, agreed with global lenders in Peru in 2015.

The IMF.World Bank annual meetings bring together central bankers, finance ministers, Parliamentarians and private sector executives among others to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness.