Calls For Mnangagwa to Disclose Zimbabwe's Total Debt Grow Louder
A Harare lawyer has approached the High Court demanding to know the total amount of debt that Zimbabwe owes to internal and external creditors. Besides Zimbabwe being heavily indebted there has been concern on the secrecy that surrounds debt accumulation as part of the central bank and government ministries' debts are not accounted for in the government's book. Zimbabwe started looking to China for loans after it was blacklisted by major Western lenders such as the World Bank and IMF after it stopped paying back outstanding loans.
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Zimbabwe:
Activist Demands Govt to Disclose Total Debt
New Zimbabwe, 23 November 2020
A Harare lawyer, who is also a disability rights activist has approached the High Court demanding to know the total amount of debt that Zimbabwe owes to internal and external… Read more »
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Zimbabwe:
Non-Disclosure of Loans - Govt Sued
Zimbabwe Independent, 20 November 2020
A CONCERNED Zimbabwean citizen has taken Finance and Economic Development minister Mthuli Ncube and the accountant-general to court seeking an order to compel the government to… Read more »
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Zimbabwe:
Central Bank Debt Accumulation Above U.S.$2 Billion
Zimbabwe Independent, 23 October 2020
The US$2,23 billion debt accumulated by the Reserve Bank of Zimbabwe (RBZ) in the 12 months since July 2019 could be grossly understated, as fresh details emerged this week… Read more »
InFocus
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Low-income countries have been especially hard hit by the economic downturn caused by the Covid-19 pandemic, leading to more people needing assistance for their basic needs. This means that governments are hard pressed to find new sources of funding and even to service existing debts. The 76 countries with the lowest incomes owe at least U.S.$573 billion in debt and are due to pay about U.S.$41 billion to service those debts in 2020, according to the ONE
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Finance Ministers and Central Bank Governors from the G20 group of the world's largest economies have agreed to ease debt repayments for the world's poorest countries fighting COVID-19. In a communique isssued after the virtual meeting action plan, the leader announced suspension of government for the remainder of 2020 and called for private creditors and multilateral development banks to take similar action.
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Zimbabwe has paid the U.S.$33 million debt it owed to South Africa's Eskom which the government has been paying since June 2019, Energy Minister Fortune Chasi has said. Zimbabwe is reliant on imports from South Africa and Mozambique to augment power supplies. Power cuts can last up to 18 hours daily after a drought reduced Lake Kariba's water levels and frequent plant breakdowns occur at the thermal power station in Hwange.
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Finance Minister Mthuli Ncube.
