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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

National

Zimbabwe Republic Police officer faces charges for allegedly claiming to be ZRP boss

Published

23 hours ago

August 15, 2025

VicFallsLive

BY STAFF REPORTER

A Zimbabwe Republic Police (ZRP) officer appeared in court today facing charges of causing disaffection among police officers, procuring the use of a motor vehicle by fraud, and transmitting false data messages intending to cause harm.

Simbarashe Mandizvidza, an Assistant Inspector in the ZRP, was remanded in custody to Monday, when he will apply for bail.

According to the State, Mandizvidza on August 14, broadcast a video on his YouTube channel, Gondo Harishaye, claiming to be the head of the ZRP, despite knowing that Commissioner General Stephen Mutamba holds the position.

The State alleges that Mandizvidza’s actions were intended to cause disaffection among police officers, contrary to Section 30 of the Criminal Law (Codification and Reform) Act, Chapter 9:23.

Mandizvidza is also accused of procuring the use of a Ford Ranger vehicle by misrepresenting to Chief Inspector Chiteure that he had been instructed by Commissioner Makomo to use the vehicle for errands.

Furthermore, the State alleges that Mandizvidza transmitted false data messages on his YouTube channel, including claims that the ZRP Traffic section had been temporarily disbanded and that Chinese nationals must leave Zimbabwe within 48 hours.

The State indicated that it will oppose Mandizvidza’s bail application, citing the seriousness of the offenses and the need to protect the public interest.

The case continues on Monday.

In the community

Chief Mvutu installation underway

Published

1 day ago

August 15, 2025

VicFallsLive

BY NOKUTHABA DLAMINI

Hwange District is bracing for a historic event today as Chief Mvutu is officially installed as the new substantive chief.

The installation ceremony, which comes eleven years after the passing of Silibaziso Mlotshwa’s father in 2014, is featuring speeches, entertainment, and traditional greetings.

According to the programme, the ceremony will commence with the arrival of invited guests, followed by the arrival of distinguished guests.

The event will feature speeches by various dignitaries, including Richard Moyo, Minister of State for Provincial Affairs and Devolution, and Senator Chief Mtshane Khumalo, President of the National Council of Chiefs.

Other highlights of the ceremony include the investiture of Chief Mvutu, the paying of allegiance by village heads, and the presentation of gifts.

The installation ceremony marks a significant milestone in the district’s history, bringing to an end a protracted dispute over the chieftainship.

The event is expected to attract dignitaries, community leaders, and residents from across the district.

In the community

Nkayi man in court for alleged rape of minor

Published

1 day ago

August 15, 2025

VicFallsLive

BY NOKUTHABA DLAMINI

A 28-year-old man from Nkayi appeared before the Nkayi Magistrates’ Court, facing charges of raping his 15-year-old niece.

The prosecution alleges that the incident occurred on July 28, 2025, in a secluded bushy area. The accused is said to have sexually assaulted the minor after she refused his advances.

The matter was reported to the authorities, leading to the accused’s arrest. He has been remanded in custody pending his next court appearance.

The case has been referred to the Bulawayo Regional Court for further proceedings, with the accused set to appear on August 26.