ce of payments (BOP) position as at December 31 was US$550,3 million. Analysts attributed the figure to declining exports, absence of BOP support, lines of credit and foreign direct investment.
The minister of finance Herbert Murerwa had projected the current account deficit to be US$543,3 million by year-end.
Last year, mining, manufacturing and agricultural exports were projected to decline by 0,2%, 10,5% and 6,3%, respectively.
“On the capital account, net inflows amounting to US$298,4 million was envisaged. Foreign direct investment into mining and some parastatals under the Look East initiatives are the major factors contributing to the positive capital account balance,” read the document.
Due to the total external debt outstanding of US$4,1 billion as at October 31, external payment arrears stood at US$2,2 billion. – Business reporter
11.1.2007
0:00
Foreign debt soars
HARARE - Zimbabwe closed the year saddled with a current account deficit of US$548,8 million as major sectors of the economy such as manufacturing, mining, agriculture and mining remain depressed.
Documents from the Ministry of Finance seen by The Zimbabwean showed that the country's balan
Documents from the Ministry of Finance seen by The Zimbabwean showed that the country's balan