\n Zimbabwe is taking active steps to settle the $23 billion it owes to multilateral institutions, as negotiations with creditors continue, President Emmerson Mnangagwa said.\n <\/p>\n
\n Addressing heads of diplomatic missions and international organisations, Mnangagwa emphasised that credibility and predictability are crucial to restoring investor confidence and unlocking new lines of credit, Bloomberg reported.\n <\/p>\n
\n \u201cMy government\u2019s ongoing engagement with international financial institutions, under the Arrears Clearance and Debt Resolution Process, is progressing well,\u201d Mnangagwa said. \u201cWe are taking concrete steps towards fulfilling our financial obligations,\u201d he added, without providing further details.\n <\/p>\n
IMF deal secured<\/p>\n
\n Last month, Zimbabwe secured a staff-monitored program from the International Monetary Fund (IMF), a critical milestone toward resolving around $23 billion in debt that has kept the country shut out of international capital markets for nearly three decades.\n <\/p>\n
\n Zimbabwe has been barred from borrowing on international markets since 1999, following defaults on loans from institutions including the World Bank, the Paris Club, and the African Development Bank (AfDB).\n <\/p>\n
\n The government has enlisted the AfDB and former Mozambican President Joaquim Chissano to assist in negotiations with creditors, signalling its commitment to resolving long-standing arrears and restoring financial stability.\n <\/p>\n