Zim makes US$125.8m token payments to global lenders

Zimbabwe has made token payments to global lending institutions to the tune of US$125.8 million.

The payments were made between 2021 and September 2023 broken down as follows: World Bank :US$70 million, African Development Bank Group: US$37.4 million, European Investment Bank: US$5.6 million and to each of 16 Paris Club bilateral creditors: US$12.8 million.

Every quarter government pays as follows creditors: US$1 million to the World Bank Group, US$500 000 to the African Development Bank Group, US$100 000 to the European Investment Bank and US$100 000 to each of the 16 Paris Club bilateral creditors.

At some point, the country was accused of failing to meet its payments, this allegedly saw it being denied borrowing rights.