Zimbabwe underscores the urgency of resolving its debt

Zimbabwean President Emmerson Mnangagwa has underscored the urgency of resolving his country's debt burden during a meeting with some of the country's creditors and finance executives in Harare. The meeting sought to discuss plans for clearing Zimbabwe's $12.7 billion external debt and restructuring the country's arrears. The Southern African nation has been locked out of access to concessional financing from institutions like the International Monetary Fund, World Bank, the Paris Club and the African Development Bank for more than two decade due to its failure to service the huge debt. This long-standing burden has also left the Zimbabwean government reliant on domestic resources and non-concessional loans for infrastructure development.

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