Zim owes Non Paris Club $394m: Biti

Government owes the Non Paris Club a total of $394 million, the Minister of Finance, Tendai Biti, has confirmed. Of this, $179 million is in arrears.

Tendai Biti
Tendai Biti

Non Paris Club creditors include China, Israel, Kuwait, Saudi Arabia, and South Africa – Zimbabwe’s largest trading partner.

Biti said he would negotiate for debt relief comparable to that provided by Paris Club creditors, to whom the country owes $2.1 billion. They include

Austria, Australia, Belgium, Finland, France, Germany, Italy, Japan, The Netherlands, Norway, Spain, Sweden, Switzerland, the UK and the US.

“Non Paris Club creditors are expected to provide roughly the same or even better levels of debt service or stock relief,” said Biti.

The Paris Club only negotiates debt relief with creditor countries that clearly demonstrate need for debt relief and a track record of implementing sound economic policies.

The Finance Minister said that, given the lack of capacity to service debt, it was vital that care be taken to prevent the accumulation of new arrears.

Post published in: Business

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