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RBZ Shields US$44,2 Million To Govt’s Foreign Creditors

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Reserve Bank of Zimbabwe (RBZ) Governor Dr John Panonetsa Mangudya and his team availed President Emmerson Mnangagwa’s administration US$44,2 million to pay off foreign creditors during the nine months to September, as part of its refreshed debt repayment plan.

Treasury revealed in July that it would be fighting to demonstrate government’s commitment to pay debts through token payments.

Data from Treasury shows that the US$44 million was paid to active portfolios, international financial institutions (IFIs) and Paris Club creditors.

“Payments for the active portfolios are critical in unlocking disbursements for on-going projects,” the paper from Treasury said.

Most of the payments were wired to China Eximbank, which received US$15 million.

Settlements to Arab Bank of Economic Development in Africa amounted to US$11,7 million followed by Sinosure, which received US$6 million and India Eximbank, which was paid US$2,7 million.

The World Bank got a token payment of US$3 million while the Paris Club bloc received a combined US$1,6 million, in addition to US$1,5 million which was paid to the African Development Bank.

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