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Mangudya upbeat about debt plan

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Reserve Bank of Zimbabwe (RBZ) governor John Mangudya says the country’s re-engagement with multilateral financial institutions is work in progress despite critics questioning the slow pace in the implementation of reforms by the government. Zimbabwe is said to be close to paying the $1,8 billion debt owed to the IMF, the World Bank and the African Development Bank as it was finalising technical work with the international financial institutions (IFIs).  Mangudya said Government has just finalized the technical work with the international financial institutions. According to a plan presented last year, Zimbabwe agreed to pay the combined $1,8 billion to the three preferred creditors the World Bank, International Monetary Fund and the African Development Bank (AfDB) to unlock cheap lines of credit to reboot the economy.  Zimbabwe owes the IMF $110 million, World Bank ($1,15 billion) and $601 million to AfDB. – The Standard

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