Biti empty handed

Biti said the multilateral financial institutions were categorical in demanding that Zimbabwe must first clear its staggering US$7billion debt, including arrears, to access fresh money badly needed to revive the country’s devastated economy. Biti met with US officials at the State Department and officials from the African Development Bank, World Bank, IMF and other international funds to discuss ties between

Zimbabwe and each of them in all areas, including the establishment of a fund for supporting development in Zimbabwe.

“We had extensive discussions with the African Development Bank, the World Bank, with the Fund, and the international community,” Biti said. “As you know the World Bank is huge, we held a series of meetings. And we are suffering as a result of not clearing this debt and not clearing the arrears. Our sovereign debt is about US$7 billion. Our arrears are about US$1.4 billion to the IFIs, that is the World Bank, the IMF and African Development Bank. We missed the party, we missed the boat because of these arrears.”

The Finance minister, credited with turning around an economy that suffered negative growth rates for a decade, said Zimbabwe must take steps to clear the debt in order that the country can access fresh money.

“Part of the thing that inspires me is that we have been able to achieve what we have achieved with virtually no assistance from anywhere,” Biti said. “We have basically been on our own. And we have been to a large degree isolated. We have become what I would call a reclusive state.”

Asked why the country remained a reclusive state after formation of a GNU, Biti retorted: “Its the politics. I dont want to go into politics I am a minister of Finance not a minister of Political Science.”