Uncategorized

Zimbabwe engaging with World Bank, IMF on clearing IFI debt, says Mthuli Ncube

Published

3 years ago

October 16, 2022

JOHANNESBURG – Zimbabwe is engaging with the World Bank and International Monetary Fund on how to clear its debts with international financial institutions, Finance minister Mthuli Ncube said at an IMF press conference on Saturday.

He said Zimbabwe had begun issuing bonds with maturities of between two and 20 years in order to honour its debt to creditors and was looking at how they can be traded, while it was also looking to issue bonds to compensate white former farmers over time.

Zimbabwe, which has suffered bouts of hyperinflation in the past 15 years, has over US$10 billion in external debt, mostly in arrears.

It has not received funding from lenders like the IMF and World Bank for more than two decades as a result.

“We’ve begun to make token payments to the World Bank, the AfDB (African Development Bank), European Investment Bank,” Ncube said.

“And all the Paris Club creditors, 17 of them, we will be making token payments to show that we want to be a good debtor.”

He said IMF staff would visit Zimbabwe in December and then discuss a staff-monitored programme in the first and second quarter of 2023.

That, he said, would enable access to “resources from a sponsor who will help us with bridge funding in order to clear the arrears” to international lenders and after that to restructure its debt to bilateral Paris Club creditors.

Inflation in Zimbabwe fell in September to 280.4 percent annually (ZWCPIY=ECI) and 3.5 percent month on month (ZWCPIM=ECI), from 285 percent and 12.5 percent in August. – Reuters

In the community

Victoria Falls man sentenced to six months for domestic violence

Published

1 day ago

August 15, 2025

VicFallsLive

BY STAFF REPORTER

A 33-year-old Victoria Falls man has been sentenced to 6 months imprisonment for domestic violence charges. The sentence was handed down by the Victoria Falls Magistrates’ Court.

The man, from Chinotimba, was arrested on August 3 for a domestic violence charge. According to the National Prosecuting Authority, the facts of the matter are as follows: a misunderstanding arose between the offender and his 32-year-old wife over money left in her jacket. Later that evening, the offender shouted at his wife before strangling her several times on the neck. The victim reported the matter to the police, which led to the offender’s arrest.

The court sentenced the offender to 6 months imprisonment, with two months suspended for five years on condition of good behavior.

A further four months were suspended on the condition that he performs 140 hours of community service.

National

Zimbabwe roads claim 24 lives over Heroes holiday

Published

2 days ago

August 14, 2025

VicFallsLive

BY NOKUTHABA DLAMINI

A total of 24 people lost their lives on Zimbabwe’s roads during the 2025 Heroes and Defence Forces holidays, according to statistics released by the Zimbabwe Republic Police.

The police reported 196 road traffic accidents, 13 of which were fatal, between August 11 and 13. This represents a significant increase from the previous year’s figures, which saw 149 accidents and eight fatalities.

Reckless driving, mechanical faults, speeding, and overtaking errors were cited as major causes of the accidents.

Two major accidents occurred during the period, including a fatal crash on the Mutare-Masvingo Road that claimed the lives of six Zion Christian Church congregants. Another accident on the Bindura-Shamva Road resulted in four fatalities and 17 injuries.

The police have urged motorists to prioritize vehicle maintenance, avoid speeding and reckless overtaking, and adhere to road rules and regulations to prevent further loss of life.

In the community

Dete teen convicted for theft

Published

2 days ago

August 14, 2025

VicFallsLive

BY WANDILE TSHUMA

A Dete teenager has been convicted of breaking into a local shop and stealing goods and cash worth US$131.

Artwell Ncube, 18, of Lupote in Dete, was found guilty of aggravated unlawful entry by the Hwange Magistrates Court.

According to court records, Ncube used an unknown object to open the locked shop door between May 20 and 25, 2025. Once inside, he stole groceries, airtime, and US$50 in cash.

The shop owner unexpectedly returned to the premises on May 25 at midnight and found Ncube inside. The teenager fled, leaving some stolen items behind.

A subsequent police investigation led to Ncube’s arrest. Property worth US$31 was recovered.

Ncube was sentenced to 12 months’ imprisonment, which was fully suspended on condition that he repays ZWG3 516.04 to the complainant within six months and performs 110 hours of community service at Lupote Clinic which he started on Wednesday.