Zimbabwe: Enhancing Debt Management in Zimbabwe

analysis

As the final battle over Zimbabwe's draft constitution approaches, most of the focus is on the big political issues, like presidential powers, and the scope of the bill of rights. But as clashes over these topics intensify, other critical subjects are likely to be side-lined - such as critical clauses to do with debt management.

Zimbabwe is drowning in debt. The total figure is still not publicly known but it is estimated that the country owes bilateral and multilateral creditors around US$10.7 billion - far beyond its capacity to repay. Indeed, Zimbabwe has been in default on its external obligations for the greater part of the last decade - and the bulk of the current debt is made up of interest and arrears.

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