Washington — Zimbabwe has cleared its 15-year-old financial arrears with the IMF, a first step towards a new IMF loan programme for the drought-stricken, cash-starved country, the IMF said on Thursday. Zimbabwe settled obligations of about $107.9m by transferring part of its cash holdings at the IMF to the fund’s Poverty Reduction and Growth Trust, IMF spokesman Gerry Rice said in a statement. Zimbabwe had been in continuous arrears since 2001, he added. "Zimbabwe is now current on all its financial obligations to the IMF," Rice said. However, a new IMF loan programme for Zimbabwe cannot be considered until the country clears more than $1bn in World Bank arrears and another $600bn-plus owed to the African Development Bank (AfDB).
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