Zimbabwe has cleared all its outstanding debts – IMF spokesperson

The International Monetary Fund, IMF has revealed that finally Zimbabwe has already cleared all its outstanding debts.

Director of Communication with the International Monetary Fund Gerry Rice revealed this in a question posed to him about the recent reports of Zimbabwe’s indebtedness to the Fund.

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Despite the clearance of the arrears Zimbabwe still owes says $687 million to the African Development Bank, $1.4 billion to the World Bank, $322 million to the European investment bank.

Mr Rice said “We have talked quite a bit about Zimbabwe here in the past but just to answer the question, and I’ve said it before here, that Zimbabwe has cleared, indeed, its arrears to the IMF.

He says “ I think that’s the word I would want to stress, is the “peacefully” and, you know, try to develop policies that will stabilize the economy and promote sustainable and inclusive growth and it’s clearly a very difficult situation there in Zimbabwe and we recognize that”.

A report released by the African Department of the IMF last week reveals that Zimbabwe’s expenditure is way above that of its counterpart and not effective.

The report proposes that the South African country cut wages for its top civil servant by 5 percent.

It also wants the country to limit the transfer of State Owned Enterprises, rationalize agricultural input schemes and address issues with regards to grain subsidies.