From Xinhua

Zimbabwe has requested for assistance from the African Development Bank (AfDB) to clear its 7 billion U.S. dollars external debt which has prevented it from accessing fresh loans from multilateral financial institutions.

Finance Minister Patrick Chinamasa made the request Monday during a meeting with the visiting delegation of AfDB executive directors who are on week-long annual field visit to assess projects being funded by the regional bank in the country.

“In our meeting I have emphasized that the AfDB should play a leading role in securing clearance of areas that we have accumulated with multilateral creditors, alongside the World Bank and the International Monetary Fund,” the minister said.

Zimbabwe owes the World Bank 1 billion U.S. dollars, the IMF 142 million dollars and 566 million U.S. dollars to the AfDB.

The debt-ridden country also owes the Paris Club 3.09 billion dollars and 350 million to the European Investment Bank.

Chinamasa said the huge external debt had become a major impediment to the country’s efforts to access concessionary borrowing from the multilateral lenders.

Read more at Xinhua