adminINDUSTRY representative body the Confederation of Zimbabwe Industries (CZI) has thrown its weight behind Government’s current efforts to clear the country’s $1,8 billion worth of arrears owed to the World Bank, the African Development Bank (AfDB) and the International Monetary Fund (IMF).
At the sidelines of the annual meetings of the IMF and the World Bank in Lima, Peru last week, Zimbabwe presented a debt clearance plan to its creditors, which was widely approved.
In a statement on Wednesday, the CZI said: “This very important milestone and progress marker emanates from the clear 10 point plan which identified attracting foreign direct investment as being key to economic recovery and re-industrialisation.
“Three points of the plan are now more likely to be achieved more rapidly as a result of the positive outcome in Lime, that is, encourage private sector investment, restoration and building of confidence and stability in the financial sector stability and implementation of Special Economic Zones to provide the impetus for foreign direct investment.”
It is believed that the clearance of the arrears to the three international finance institutions, which is expected to be completed by April next year, will unlock fresh sources of capital for the country’s development agenda
Bongani Ndlovu
Online Reporter