ZIMBABWE CHARTS AMBITIOUS RETURN TO GLOBAL FINANCE AT DEBT CONFERENCE. (PHOTO).
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Zimbabwe charts ambitious return to global finance at debt conference
Zimbabwe's president will host a conference of creditors and finance executives on Monday to discuss ambitious goals to clear debt arrears and restructure $12.7 billion in external debt, aiming to eventually tap international capital markets for the first time in more than two decades.
Zimbabwe's debt pile accounts for 81% of gross domestic product, and clearing it will be a tough challenge for a country that has faced numerous financial crises in recent decades from repeated bouts of hyperinflation to multiple unsuccessful attempts to launch new currency regimes.
Zimbabwe's President Emmerson Mnangagwa and the African Development Bank's (AfDB) president, Akinwumi Adesina, will attend the one-day meeting in Harare, along with creditors, development groups and private sector representatives, Reuters reported.
Getting on track with bilateral creditors – and clearing arrears with the AfDB, the World Bank and the European Investment Bank – is necessary to unlock funding for Zimbabwe.
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