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Zimbabwe’s debt is unsustainable, says IMF

Published

4 years ago

November 17, 2021

HARARE – The International Monetary Fund said on Tuesday it was unable to provide financial support to Zimbabwe due to its unsustainable debt and external arrears, and any lending arrangement would require a clear path to a restructuring its external debt.

The IMF said its staff completed a virtual mission to Zimbabwe from October 16 to November 16, and noted “significant” efforts by authorities there to stem inflation, contain budget deficits and reserve money growth.

Zimbabwe, which has suffered from bouts of hyperinflation in the last 15 years, has not received funding from lenders like the IMF and World bank for more than two decades due to arrears.

Its external debt is more than US$10 billion and most of it is in arrears.

“A Fund financial arrangement would require a clear path to comprehensive restructuring of Zimbabwe’s external debt, including the clearance of arrears and obtaining financing assurances from creditors,” the IMF said.

Creditors owed by Zimbabwe include the World Bank, African Development Bank, European Investment Bank and the Paris Club.

The national treasury says it is working on a plan to clear the arrears.

The IMF reiterated that Zimbabwe’s economy would grow by 6 percent this year but added that uncertainty remained high due to the effects of Covid-19 and the economy’s vulnerabilities to climatic shocks like drought and cyclones.

“Decisive actions are needed to lock in economic stabilisation gains and accelerate reforms,” the IMF said.

The Fund called for greater official exchange rate flexibility, removal of foreign currency market distortions and containment of fiscal deficits. – Reuters

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Zimparks launches elephant culling program

Published

4 weeks ago

June 3, 2025

VicFallsLive

BY NOKUTHABA DLAMINI

In a bid to address the growing elephant population in Save Valley Conservancy, the Zimbabwe Parks and Wildlife Management Authority (ZimParks) has issued permits for a controlled elephant management exercise.

The exercise, slated to commence shortly, aims to cull an initial 50 elephants from the conservancy, which is currently home to 2,550 elephants – more than three times the ecological carrying capacity of 800 elephants.

According to ZimParks, the conservancy has been struggling to cope with the swelling elephant population, which has put a strain on the wildlife habitat and resources. Over the past five years, the conservancy has translocated 200 elephants to other areas, including Hurungwe and Sapi, in an effort to manage the population.

Zimparks says the controlled culling exercise is expected to provide relief to the conservancy’s ecosystem, while also benefiting local communities.

Elephant meat from the exercise will be distributed to local communities while the ivory will be kept by the State.

In a statement, ZimParks spokesperson Tinashe Farawo emphasized the authority’s commitment to responsible and sustainable wildlife management.

“We remain committed to ensuring that our wildlife resources are managed in a responsible and sustainable manner, for the benefit of present and future generations.”

In the community

Hwange police seek public’s help in locating missing teen

Published

2 months ago

May 15, 2025

VicFallsLive

BY STAFF REPORTER

The Hwange police are urgently seeking the public’s assistance in locating 16-year-old Latoya Lisa Munkuli, who went missing on May 7, this month.

Latoya, a dark-complexioned female juvenile, was last seen leaving her residence in Hwange around 4 pm.

She was wearing a distinctive outfit consisting of green trousers and a white T-shirt, and carried a black satchel. She stands approximately 1.6 meters tall.

Inspector Glory Banda of the Hwange police is leading the investigation and urges anyone with information about Latoya’s whereabouts to come forward.

If you have any information about Latoya’s disappearance, please contact Inspector Banda on 0785961747 or 0771256607.

National

Coal train in flames: NRZ locomotive damaged in fire incident

Published

2 months ago

April 16, 2025

VicFallsLive

BY WANDILE TSHUMA

A National Railways of Zimbabwe (NRZ) locomotive suffered significant damage after catching fire while transporting export coal to Zambi. The incident occurred between Kalala and Matetsi sidings, resulting in the explosion of the locomotive’s fuel tanks.

According to the NRZ press statement on Monday, “A National Railways of Zimbabwe locomotive suffered some damages after it caught fire this afternoon while transporting export coal to Zambia.” Fortunately, the crew members on board managed to escape unharmed.

The NRZ responded swiftly to the incident, dispatching a rescue train with crews to the site. The team successfully extinguished the fire, preventing further damage. However, the locomotive itself sustained considerable damage.

The cause of the fire is yet to be determined, with investigations currently underway. “Investigations are already underway to establish the cause of the fire and the amount of damage to the locomotive,” the NRZ statement read.