Zimbabwe to clear World Bank, AfDB debts

Zimbabwe’s new Finance Minister said on Monday he would accelerate the country’s plan to pay arrears to the World Bank and African Development Bank (AfDB).

Mthuli Ncube told reporters in Harare shortly after being sworn into office that the target was to put the country on path to economic recovery.

Ncube said that clearing $1.8 billion in arrears to the two banks was important to Zimbabwe’s economic recovery.

Ncube also said he would look to remove Zimbabwe’s quasi currency bond note as part of currency reforms and would work on a three-year programme to bring down government expenditure.