Zimbabwe's finmin says AfDB to write off $601 mln in arrears - CNBC Africa

Zimbabwe's finmin says AfDB to write off $601 mln in arrears

Southern Africa

by Reuters 0

African Development Bank's (AfDB) had agreed to cancel Zimbabwe's $601 million in arrears to the bank. PHOTO: REUTERS/Philimon Bulawayo

Zimbabwe Finance Minister Patrick Chinamasa said on Tuesday the African Development Bank's (AfDB) had agreed to cancel the southern African nation's $601 million in arrears to the bank.

"The African development bank has set aside some funds to help Zimbabwe clear its arrears to the bank," Chinamasa told a news conference.

Zimbabwe owes foreign creditors $9 billion and has been struggling for five years to recover from a catastrophic recession, widespread food shortages and hyperinflation.

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