Zimbabwe meets conditions to clear World Bank, AfDB arrears
Zimbabwe has met all the conditions needed to clear its arrears with the World Bank and African Development Bank. This paves the way for possible loans from the International Monetary Fund. Finance Minister Patrick Chinamasa has said facilities negotiated by the Reserve Bank of Zimbabwe to repay the $1.75 billion arrears had been scrutinised by the World Bank and AfDB, who were satisfied. In October, the southern African nation cleared its 15-year financial arrears with the IMF. It was a major step in its first loan programme with the fund since 1999. President Robert Mugabe's government is struggling with dwindling foreign exchange inflows and acute shortages of cash. Without foreign funding, the government has relied on tax inflows to support its budget.
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