Zimbabwe Owes World Bank US$807 Million

Zimbabwe is said to owe both the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) a cool US$807 million.

According to the “Zimbabwean” finance minister Tendai Biti said-

“Before the World Bank can resume regular assistance to Zimbabwe, the country’s arrears need to be cleared in full. This involves two general approaches, which both require formal approval by the World Bank Executive Board.”

This news of Zimbabwe’s debt to the financial institution comes weeks after Biti said Zimbabwe needs at least $14 billion to resuscitate the economy.

Zimbabwe’s total foreign debt is estimated to be $9.1 billion most of which the country has defaulted as far back as 1999.

Zimbabwe has the second-largest known platinum deposits in the world after South Africa and 20 percent of world diamond reserves, according to global mining industry statistics. Don’t you think we should start working on clearing our debt?

Source:The Zimbabwean