Friday, 21 October 2016

ZIM CLEARS IMF ARREARS

ZIMBABWE has cleared its debt to the International Monetary Fund (IMF) after paying $108 million to the global finance body on Thursday.

IMF’s director of communications Mr Gerry Rice confirmed the payment in a statement yesterday.
“On October 20, 2016, Zimbabwe settled its overdue financial obligations to the Poverty Reduction and Growth Trust (PRGT) of the IMF. Zimbabwe had been in continuous arrears since 2001,”said Mr Rice.

“To settle these obligations, which amounted to SDR 78.3 million (about US$107.9 million), Zimbabwe transferred part of its SDR holdings kept at the IMF to the PRGT account. Zimbabwe is now current on all its financial obligations to the IMF.”

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