Debt week is an initiative of the different movements and organizations in the International South North Campaign on Illegitimate Debt. It was born at the World Social Forum (WSF) in Nairobi, in 2007.
Since it was sworn-in the coalition government has initiated various programmes to revive the economy e.g. The STERP I and II macroeconomic framework and its imminent successor. The initial amount needed to initiate these programmes is in the region of US$8 billion. The Minister of Finance says US$ 45 billion is required to get the country back to its peak level of 1996-97.
Unfortunately, the country cannot generate all these resources internally in the short term, hence the need for external funding. Zimbabwe is also saddled with an unsustainably high level of external debt, estimated to be in the region of US$7, 1 billion owed to various creditors. It is projected to grow to US$7, 6 billion by end of 2010, whilst the domestic debt will increase to US$1 billion in the same period. The IMF projects that the external debt will grow to US$9,8 billion by 2015 if it is not addressed urgently and systematically. This brings the total debt to US$8,6 billion, or almost three times the current GDP of US$3,5 billion.
For more information on the topics and submission guidelines for papers, contact Simbiso Marimbe Marasha on simbisom@zimcodd.co.zw
Post published in: News