Zimbabwe is yet to secure any firm pledges of financial support from the 10 countries it appealed to in its ongoing bid to settle long-standing debt arrears.
- Zimbabwe is actively seeking financial support from 10 nations to address its $21 billion debt burden.
- The country has been unable to access global financial markets since its default in 1999.
- Zimbabwe has requested $2.6 billion in bridge financing to address debts to international lenders.
Zimbabwe is yet to secure any firm pledges of financial support from the 10 countries it appealed to in its ongoing bid to settle long-standing debt arrears.
The southern African nation is burdened with a $21 billion debt, which has shut it out of global financial markets since it defaulted in 1999, according to Bloomberg.
According to Finance Minister Mthuli Ncube, he had sent letters to Algeria, Brazil, China, France, Germany, Italy, Japan, South Africa, the United Arab Emirates, and the UK, requesting $2.6 billion in bridge financing to help settle debts owed to major multilateral lenders, including the World Bank, the European Investment Bank, and the African Development Bank.
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However, responses from the countries Zimbabwe approached for debt relief have been mixed.
“Some of them are very warm, some of them not so warm. You will get a varied response,” he said.
One of the major hurdles to securing the bridge financing is that seven of the countries he contacted, including China and Germany, are already creditors to Zimbabwe.
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Collective support needed
Given the large amount of funding Zimbabwe is seeking, it’s unlikely that a single nation will step in as a sponsor. Ncube stressed that it would require a collective effort of at least three countries.
He also noted that Zimbabwe may explore other avenues to raise funds for debt repayment, including asset sales, though he did not offer specifics.
The country has been pushing for an International Monetary Fund staff-monitored program to rebuild trust with international creditors, but those efforts have yet to bear fruit.
