UK to support Zimbabwe clear its arrears

UK to support Zimbabwe clear its arrears
Published: 18 September 2018 (229 Views)
The United Kingdom says it will support Zimbabwe to clear its arrears with the International Monetary Fund (IMF) and the World Bank.

Outgoing British Ambassador Catriona Laing advised on this development after paying a courtesy call on Zimbabwe's Finance and Economic Development Minister, Professor Mthuli Ncube.

The commitment by Britain to assist Zimbabwe clear its US$1.8 billion arrears to the Bretton Woods institutions carves a new chapter for Zimbabwe's economic resurgence programmes.

During a meeting with Professor Ncube today, Ambassador Laing indicated that her country stands ready to support Zimbabwe to get on an interim IMF staff programme soon that will facilitate the clearance of debt arrears.

Professor Ncube hinted to various options that the country may exploit to get back on the IMF programme while also stating that a stabilisation programme will be unveiled next month to retain normalcy within the economy.

Zimbabwe and Britain relations have thawed over the last 12 months translating to critical facilities such as the US$100 million facility by Standard Chartered Bank and the latest US$250 million facility by a private firm that continues to quench the lending drought experienced for close to two decades.

- zbc

Tags: uk, zimbabwe, arrears,
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