Browsing: International Monetary Fund SMP

• Zimbabwe hosted creditors, partners, and finance executives to discuss an ambitious move to pay off $12.7 billion in foreign debt. 
• Zimbabwe, once a regional breadbasket but now struggling to feed its people, must get back on track with bilateral creditors to access finance.
• Zimbabwe aims eventually to again tap international capital markets.

Zimbabwe debt repayment plan

In a long-anticipated move, Zimbabwe’s president met with creditors and financial executives on Monday in Harare to discuss ambitious plans to pay off $12.7 billion in foreign debt and get the country back on track to access international capital markets.

With a debt-to-GDP ratio of 97 per cent, Zimbabwe’s total public debt as of August 2024 was projected to be around $21 billion, limiting the nation’s financial ability to meet its development demands. Out of the $21 billion, $12.3 billion in foreign debt is owed to multilateral and bilateral creditors.

Development partners, including the …