Govt Paid $200 Million To Local Creditors - Mthuli Ncube

Finance and Economic Development, Minister Mthuli Ncube, revealed that Zimbabwe’s domestic debt has fallen after the government paid more $200 million to some of its creditors in January.

Ncube was addressing delegates attending a Zimra breakfast meeting held at a local hotel in Bulawayo as part of the ongoing ZITF on Thursday. He said:

I am going to say that domestic debt has also gone down as a percentage of GDP. I am not yet ready to share the figures but we paid our debt in January of $200 million.

The Finance Minister revealed in the 2019 budget presentation that domestic date stood $9.6 billion as at end of September 2018.

Economic analysts considered the ballooning debt unsustainable and a hindrance to economic recovery as the government was crowding out the private sector through the issuance of Treasury Bills.

Related:

• Debt Accumulation Threatening The Sustainability Of Public Debt – World Bank

• Full Text: Monetary Policy Statement 2019 Delivered By John Mangudya

• Commercial Loans Won’t Clear Zim’s Debts

More: Sunday News