IMF and World Bank reject Zimbabwe’s loan bid

via IMF and World Bank reject Zimbabwe’s loan bid | Public Finance International By Judith Ugwumadu | 09 January 2014

Zimbabwe has failed in its bid to qualify for a new loan from international lenders and has been told to clear its arrears before it can receive funds.

In a report published last month, the World Bank and the International Monetary Fund said Zimbabwe’s eligibility to receive assistance under their Heavily Indebted Poor Countries Initiative ‘remains unclear’ after the country formally asked for debt relief in October.

Zimbabwe’s high debts means it will be cut off from access to most external financing sources. It owes the IMF and the World Bank $124m and $1bn respectively, and according to deputy finance minister Samuel Undenge, external debt totals around £10bn.

The World Bank said Zimbabwe would need to agree a comprehensive arrears clearance framework with the international community.

‘The country could potentially be eligible for assistance if it meets end-2004 and end-2010 indebtedness criteria and if it clears its arrears to the [Poverty Reduction and Growth Trust],’ the report said.

Currently, 35 developing countries are in receipt of funds from the Heavily Indebted Poor Countries Initiative, including Malawi, Zambia, Afghanistan and Benin. The programme provides low-interest loans to help alleviate debt burdens so countries are able to increase their poverty-reducing expenditure.

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27 comments on “IMF and World Bank reject Zimbabwe’s loan bid
  1. DL says:

    I thought we couldn’t get any international loans because of those horrible illegal sanctions! Do you mean to tell me that they don’t actually exist and the real reason we can’t get any more money is because Mugabe screwed the IMF and the World Bank years ago?

  2. Canuck says:

    You got it DL !!! ( although I suspect your comment is somewhat tongue in cheek !!! )

  3. Murimi Wanhasi says:

    Some countries such as Mozambique had their debts written off.
    Durin the bearer years and billion percentage inflation,the debt was maintained.
    We are stuck with this monster.It needs either a sustained and systematic debt servicing schedule, or ….

    • Tiger Shona says:

      Come on clever boy, how are you fat cats going to fix this problem?
      How about killing a few more MDC
      Supporters and some whites and one more time insult the West?

  4. danai says:

    We have short memories,Obert Mpofu once boosted that Zimbabwe will never beg for financail assistance on the background of Marange Diamonds. Its now apparent he meant ZANU PF is they looted the diamonds

  5. The global bankers don’t entertain kleptomaniacal criminals. This is a clear message to muggersboy zanupf.

  6. gandanga says:

    This is what happens when someone at the UN barks ” SHAME, SHAME” to the world superpower!

  7. SADC says:

    Bhora mugedhe!

  8. munzwa says:

    can’t have your cake and eat it bobby!!!!

  9. passenger 23 says:

    why not go to the Chinese, our all weather fri.ends.Keep yo England and i will keep my Zimbabwe

  10. Murimi cat got your tongue

  11. Murimi Wanhasi says:

    Murimi was in the fields.

    IMF entertained our govt
    just so thaf they could have the satisfaction of saying NO.Period.

  12. Kudakwashe manomano says:

    China and Russia are consistent when it comes to supporting mugabe and zanu pf at various world fora. Nikkuv ought to start rigging the zimbabwean economy for mugabe and co.The rigged election can only be protected by a rigged economy.

  13. jobolinko says:

    I remember Robert mugabe telling IMF and world bank to go and hang because they were putting conditions on how they should use the money,When zimbabwe introduced Esap it was suppose to be a five zanu asked for more than that after failing to meet the target ,then mugabe went on rhetoric againist Bretton woods and the west only because they could not pay .PATHETIC

  14. machilu says:

    Mozambique, Uganda and Tanzania were all recipients of dept. write-off conditional on the return to the rule of law, respect for human rights and respect title and International conventions I.E. return stolen properties or pay full compensation. To this day this is respected to the letter in Mozambique. Who in his right mind can trust this administration after their performance over the past14 years.

  15. gutu says:

    They are caught in deep and sticky mud! I just wonder what bhora mugedhi means? Zanu must be cursing Nikuv and Mudede for keeping them in office when it was game over for them. They promised everybody everything hoping to borrow from IMF forgetting their debts! Chinobhururuka chinomhara! Zanu must just disappear from planet earth! Scumbags!

  16. Ken says:

    Good news, the more pressure on those idiots the better.

  17. Chaka says:

    I have no degree, but with the little knowledge I have I would have advised whoever in government not to embarass the country by approaching IMF and World Bank. Those guys know their work. Keep looking east something might come up. Try all your degrees.

    • Richard Flynn says:

      Degrees which were either honorary or unused or just generally worthless? Like the recipients themselves?

    • Mark Talbot says:

      I think her meant the “degrees in violence”.

      Mugabe has no respect for property rights other than his rights to any property in Zimbabwe. He is a deadbeat that refuses to make his loan payments. He blatantly rigs elections with no pretense of transparency. He enjoys giving the finger to the west. He has sold out Zimbabwe to colonists from China. He murders his own people if they threaten his dictatorship. He allows women and children to die in the cold and hunger.

      I can’t really compare Mugabe to Jesus. He is more like the ones that crucified Jesus to protect their own power base.

      Let’s give him a loan.

  18. Smithy says:

    It wasn’t the indigenous Africans who set up the anti-apartheid movements and the like. They were created by the world banksters who had gained power through the second-world war they created. The move to remove whites from their colonies was not for the benefit of native Africans, but so that the greedy and manipulative US based shysters could take charge of every country and its wealth.

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