Minister of Finance Patrick Chinamasa has revealed that the country will not be able pay $1.8 billion in arrears to the World Bank and African Development Bank (AfDB) until economic fundamentals improve. Chinamasa revealed this in a radio interview with media personality Ruvheneko Parirenyatwa on CapitalkFM. Said Chinamasa:
When we think that the economic fundamentals of our economy are right, we then are in a position to repay the World Bank and the AfDB.
We need to put ourselves in a position that is sustainable in terms of honouring our obligations. So, to that extent the ball is in our court.
Zimbabwe’s total foreign debt is more than $7 billion.
More: CNBCAfrica