Zimbabwe's total debt now stands at $11, 2 billion

As of October 31, 2016 Zimbabwe’s Public Debt has ballooned to a massive $11.2 billion.  This effectively ruins the country’s relations with international creditors.  The figure of $11,2 billion was equivalent to 79% of gross domestic product (GDP) .

During the budget presentation, Patrick Chinamasa said:

As at October 31, 2016, Zimbabwe’s public debt stood at $11,2 billion or 79% of GDP, of which $7,5 billion, 53% of GDP, is external debt. Of the $7,5 billion external debt, $5,2 billion is in arrears, and this has resulted in deterioration of relations with major creditors, thereby, inhibiting access to finance.

The next step is resolving, early in 2017, arrears to the other multilateral creditors, for instance the African Development Bank, $610m; the World Bank, $1,16bn; the European Investment Bank, $212m; and other multilateral institutions, as well as bilateral official creditors

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