adminZimbabwe Accelerated Arrears Clearance, Debt and Development Strategy, Finance Minister Tendai Biti said.
“Notwithstanding the approval of ZAADDS, little progress has been made in its implementation, which requires a good track record in policy consistency, credibility, predictability and effective engagement with International Financial Institutions.
“As a way forward, Government in the next six months will focus on those issues raised by creditors to facilitate the full re-engagement process.
“These include fiscal management, financial sector reforms and timely data reporting, among others,” he said.
Government has already agreed on the ZAADDS, as a strategy for resolving Zimbabwe’s debt challenges.
The strategy focuses on re-engagement and normalising relations with creditors and at large the international community in order to secure maximum debt relief, thereby opening up scope for acquiring new financing to augment domestic resources for sustainable economic growth and development.
Minister Biti proposed that the country would limit its future borrowings to only concessional loans.
“This prudent borrowing not only reduces costs but helps in the improvement of relations with current creditors, especially in view of arrears accumulation,” said Minister Biti.
Zimbabwe is currently in a debt amounting to about US$7 billion.
Online Reporter