Zimbabwe announces plan to clear its foreign debt
Harare — The World Bank and IMF have endorsed Zimbabwe’s plan to clear more than $2bn in foreign debt, the finance minister announced on Wednesday, adding that the lenders had also backed his two-year economic recovery programme. President Emmerson Mnangagwa has promised to revive the struggling economy, pay foreign debts that the country has defaulted on since 1999 and end Zimbabwe’s international pariah status gained under former president Robert Mugabe’s near four-decade rule. Finance minister Mthuli Ncube, who is attending the IMF and World Bank meetings in Bali, Indonesia, said in a statement his plans to clear the arrears to the World Bank, African Development Bank and European Investment Bank had been accepted. "All the co-operating partners and creditors present uniformly expressed their support for Zimbabwe and its arrears clearance road map," Ncube said. He did not give details and none of the creditors had immediate comment.
The lenders and Western donors urged Ncub...