Zim seeks US$2b bridge finance for arrears

ZIMBABWE is looking for US$2 billion bridge financing to clear its to the World Bank and African Development Bank (AfDB) arrears, Finance minister  Mthuli Ncube has said as Harare seeks  to normalise relations with international financial institutions.

Zimbabwe owes about US$1,5 billion and US$680 million to the World Bank and AfDB, respectively, which are locking the flow of cheap financing from the two institutions.

“So, in terms of getting a sponsor for bridge financing, yes, it is part of this traditional method and way of clearing arrears as Zimbabwe would need a sponsor,” Ncube said in response to NewsDay Business inquiry last week.

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