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Professor Mthuli Ncube sweats over Zim debt

Finance and Economic Development Minister, Professor Mthuli Ncube, has admitted that Zimbabwe’s debt clearance program will not be an easy task as broader economic reforms need to be put in place.

In an interview with 263Chat, Professor Ncube said the country is going through challenges which are militating against expectations of the nation.

“We are trying to work towards the country’s economic reforms, the idea is to engage with creditors so that we get back on a sustainable growth for clearing our arrears so as to revive our economy.

“Its a marathon its not a sprint there are so many challenges, but the wonderful thing is that we have the support of the global partners on this journey.

“Its not going to be easy,it wont be quick results, but we are determined to push,we have the support,we know what to do and we are determined that we are going to make it,” said Ncube.

Zimbabwe’s external debt continue to balloon and is currently at US$18.4 billion. Since the adoption of the mutli-currency in 2009 the country’s foreign debt has been expanding rapidly.

Asked if they got a sense of optimism during their meetings with foreign investors in the United States of America, Ncube said they are working towards the Zimbabwe Democracy and Economic Recovery Act ( ZIDERA) so that the country have a successful arrears clearance program.

“They are supporting, but we know that we have got issues like ZIDERA,so we have to work on those issues and try to make sure that we come out of them so that we have a successful arrears clearance program.

Meanwhile, the government has signed a Tripartite funding and implementation agreement with  the  African Development Bank (AfDB) and the United Nations High Commissioner for Refugees (UNHCR) for a grant amount of US$1.4 million under the Transition Support Facility TSF pillar III to support livelihood of Vulnerable communities.

According to Ncube,the target beneficiaries are estimated at 17.000 refugees residing within the Tongogara Refugee camp in the Eastern Highlands of Zimbabwe.

 

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