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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

In the community

Domestic violence takes a deadly turn: Hwange woman’s violent outburst lands her in jail

Published

2 days ago

July 24, 2025

VicFallsLive

BY STAFF REPORTER

A 19-year-old woman from Makwika Village has been sentenced by the Hwange Magistrate’s Court for domestic violence and assault after a violent incident occurred on June 2, 2025.

The court heard that the woman assaulted her husband after he confronted her over messages on her phone. She slapped him, grabbed his private parts, dragged him into the kitchen, and poured boiling water on his lower body, causing serious injuries.

A concerned neighbor who attempted to intervene was also burnt with boiling water on her chest and hospitalized.

The woman was sentenced to 12 months imprisonment for domestic violence and 24 months imprisonment for assault. However, 12 months of the assault sentence were suspended for 5 years on condition of good behavior, and the remaining 24 months were suspended on condition of performing 630 hours of community service.

The National Prosecuting Authority of Zimbabwe (NPAZ) has condemned the violent act, emphasizing that violence, whether in the home or community, is unacceptable.

“The law applies equally to all, and offenders will be held accountable,” said the NPAZ. “We encourage citizens to resolve disputes peacefully and report abuse immediately.”

In the community

Teenager sentenced to 18 months for knife attack on minor

Published

2 days ago

July 24, 2025

VicFallsLive

BY WANDILE TSHUMA

The Bulawayo Regional Court recently sentenced a 19-year-old male from Nkayi’s Maphosa Village to 18 months imprisonment for attempted murder after a violent knife attack on a 15-year-old boy at Gwamayaya Business Centre.

Allegations are that on April 18, at approximately 23:00 hours, the offender entered a shop at the business centre, causing a commotion. When customers attempted to calm him down, he became aggressive and charged at the victim, stabbing him in the left side of the stomach with a knife.

The victim was rushed to the hospital for medical attention, while the offender was arrested and charged with attempted murder.

In court, the offender was convicted and sentenced to 18 months imprisonment. However, six months of the sentence were suspended on condition of good behaviour, while the remaining 12 months were suspended on condition that he performs 410 hours of community service.

The National Prosecuting Authority of Zimbabwe (NPAZ) has condemned the violent act, urging young people to resolve conflicts peacefully and encouraging communities to play a role in early intervention.

“Violence is never the answer. Every life matters – walk away, don’t escalate,” said the NPAZ in a statement.

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Fastjet launches Bulawayo to Victoria Falls flights

Published

3 days ago

July 23, 2025

VicFallsLive

BY NOKUTHABA DLAMINI

Fastjet Zimbabwe is set to expand its domestic route network with the introduction of flights from Bulawayo to Victoria Falls, starting August 8.

The new route will operate four times a week, on Mondays, Wednesdays, Fridays, and Sundays.

According to Nunurai Ndawana, spokesperson for Fastjet Zimbabwe, “The new Bulawayo to Victoria Falls flight strengthens our presence in Bulawayo and underscores our commitment to the development of tourism region.” Ndawana added, “Our four times a week flights will offer more travel opportunities and support both leisure and corporate travel between the two cities, reaffirming our position as a key airline partner in connecting the Matabeleland region.”

Vivian Ruwuya, Fastjet Zimbabwe’s Chief Commercial Officer, noted that “This has been a long time coming. We have been monitoring the development and traffic trends between the manufacturing city of Bulawayo and our tourism hub of Victoria Falls. The introduction of a scheduled service is a result of widespread consultative engagements and collaboration with key players in the industry.”

Fastjet Zimbabwe will deploy its Embraer fleet on the new route, offering customers a comfortable flight experience. The flight schedule is as follows:

– BUQ-VFA Flight FN8111: Monday, Wednesday, Friday, Sunday, departing Bulawayo at 13:25 and arriving in Victoria Falls at 14:20.
– VFA-BUQ Flight FN8112: Monday, Wednesday, Friday, Sunday, departing Victoria Falls at 14:50 and arriving in Bulawayo at 15:45.