Zimbabwe in tight timeline to repay arrears, seek more funding

Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya gestures as he delivers his 2018 Monetary Policy Statement in Harare, Zimbabwe February 7, 2018. (Reuters)

Zimbabwe stuck on Monday to its plan to clear its debt arrears by September with the aim to tap international capital markets by the end of the year, though that timeline would be “very fast-tracked.”

Zimbabwean officials met with investors in New York in search for cash that would clear about $1.8 billion in arrears with the World Bank and the African Development Bank. Repayment would unlock more cash from the ADB and is necessary to tap other sources of development financing.