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Breaking News: Zimbabwe to clear $1.8 billion World Bank, AfDB debts

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

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

He 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.

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