File
photo:
Reuters/Philimon
Bulawayo
-
The
country
has
enlisted
the
services
of
the
AfDB
and
former
Mozambican
President
Joaquim
Chissano
to
help
negotiate
with
creditors.
The
authorities
recognise
that
credibility
and
predictability
are
essential
ingredients
to
restoring
investor
confidence
and
securing
new
lines
of
credit,
Mnangagwa
told
heads
of
diplomatic
missions
and
international
organisations
in
the
capital,
Harare,
on
Thursday.
“My
government’s
ongoing
engagement
with
international
financial
institutions,
under
the
Arrears
Clearance
and
Debt
Resolution
Process,
is
progressing
well,”
Mnangagwa
said.
“We
are
taking
concrete
steps
towards
fulfilling
our
financial
obligations,”
he
said,
without
providing
details.
Zimbabwe
last
month
secured
a
staff-monitored
program
from
the
International
Monetary
Fund,
a
key
step
toward
resolving
about
$23
billion
of
debt
that
has
shut
it
out
of
international
capital
markets
for
almost
three
decades.
The
southern
African
nation
has
been
locked
out
of
international
capital
markets
since
1999,
after
defaulting
on
debt
owed
to
lenders
including
the
World
Bank,
the
Paris
Club
and
the
African
Development
Bank.
The
country
has
enlisted
the
services
of
the
AfDB
and
former
Mozambican
President
Joaquim
Chissano
to
help
negotiate
with
creditors.