Zimbabwe Clears 15 Year Old Arrears With The IMF

Zimbabwe has cleared its 15-year-old financial arrears with the International Monetary Fund in a first step towards a new loan program. Zimbabwe settled obligations of about 107.9 million dollars by transferring part of its cash holdings at the IMF to the Fund's Poverty Reduction and Growth Trust. However, a new IMF loan program for Zimbabwe cannot be considered until the country clears more than $1 billion in World Bank arrears and another $600 million-plus owed to the African Development Bank. The next step towards an IMF loan would be consideration by the Fund's executive board of a formal proposal to lift remaining remedial measures imposed on Zimbabwe because of the arrears.
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