InternationalNews

African Development Bank writes off 600 Million dollars in Zimbabwe debts

Zimbabwe Finance Minister Patrick Chinamasa said on Tuesday the African Development Bank’s (AfDB) had agreed to cancel the southern African nation’s $601 million in arrears to the bank.

Zimbabwe's Finance Minister Patrick Chinamasa (L) addresses a media conference after meeting International Monetary Fund (IMF) Executive Director for Africa Chileshe Kapwepwe (R) in Harare, September 7, 2015.   REUTERS/Philimon Bulawayo
Zimbabwe’s Finance Minister Patrick Chinamasa (L) addresses a media conference after meeting International Monetary Fund (IMF) Executive Director for Africa Chileshe Kapwepwe (R) in Harare, September 7, 2015. REUTERS/Philimon Bulawayo

“The African development bank has set aside some funds to help Zimbabwe clear its arrears to the bank,” Chinamasa told a news conference.

Zimbabwe owes foreign creditors $9 billion and has been struggling for five years to recover from a catastrophic recession, widespread food shortages and hyperinflation.

 

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