Zimbabwe expects a loan from the International Monetary Fund(IMF) in the third quarter of this year, the first since 1999, after paying off foreign lenders by the end of June, the central bank governor said on Wednesday.
Zimbabwe would also receive an $896 million loan from an unnamed country to pay off arrears to the World Bank. In addition, the African Export-Import Bank would provide $601 million for Harare to clear arrears to the African Development Bank (AfDB). Zimbabwe would then receive the same amount as a grant from the AfDB, Mangudya said.
The worst drought since 1992 has left 4 million Zimbabweans facing hunger and had forced the government to lower its growth target for 2016. Once Zimbabwe clears its arrears, it would be ready for rating by international ratings agencies, with a view to issue international bonds in future, said Mangudya. The government had issued $250 million in treasury bills to raise money for its operations in 2015, Mangudya said, adding that the bank would soon start holding public auctions of treasury bills to enhance transparency in state borrowing.