News:Zimbabwe Misses Self-Imposed June Deadline. RBZ Governor Confirms Country's Failure To Pay 1.8 Billion Debt

From Pindula

<vote /> Reserve Bank of Zimbabwe governor John Mangudya confirmed that Zimbabwe failed to repay $1.8 billion to the International Monetary Fund, the World Bank and African Development Bank by its own June 30 deadline.

In a phone interview with a Bloomberg journalist Mangudya said,

"Right now, we’ve not paid anything. That is why we have this re-engagement process with international financial institutions.”

He also confirmed that Zimbabwe owes $110 million to the IMF, $1.1 billion to the World Bank and $601 million to the African Development Bank.

Finance Minister Patrick Chinamasa said earlier the country would repay at least $1.8 billion by the end of June to be able to resume borrowing in a bid to revive the economy. In a related issue, the International Monetary Fund announced it's official position during a press conference on Thursday 14 July 2016, concerning negotiations with Zimbabwe with the view to provide the country fresh financing.(Read More Here).

IMF spokesman Gerry Rice told reporters that the IMF will only consider requests for financing once Zimbabwe clears its arrears with the lender and the IMF board approves the normalization of relations with the country.

Read More: Bloomberg

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