Finance Minister, Mthuli Ncube, revealed that Zimbabwe aims to clear its $2 billion arrears with the World Bank and African Development Bank in the next 12 months.
In an interview, the Finance Minister said that the arrears clearance programme had the backing of the United States government, which maintains sanctions against Zimbabwe.
“My intention is that by this time next year we would have paid off the AfDB and World Bank. All options are on the table, including the Highly Indebted Poor Country (HIPC) option debt write-off, or the HIPC-lite or the ad-hoc solutions, with sponsors.
“For sponsors, we will be talking to the G7 members to see if one or two of them, or all of them, could sponsor us and give us some lines of credit, bridging finance to be able to clear those arrears,” Ncube told Reuters.
He said: “The Americans are very supportive of Zimbabwe. Of course, there are points of departure, Zidera is the issue. But my view has always been that with the principles of what is in Zidera, we should embrace it as Zimbabweans.
“There is no harm in pursuing the suggestions in Zidera. Of course, in the interim, it has financial implications because of the financial sanctions in a way, so that is hurting.”