Zimbabwe’s Finance Minister,Mthuli Ncube has warned that Zimbabwe faces the threat of a domestic collapse during the Pandemic in a letter sent to IMF and African Development Bank.
Zimbabwe has pending debt obligations to World Bank and African Development Bank valued at $2 Billion and has been excluded from emergency financing services like the Rapid Finance Instrument from IMF.
Last week, IMF approved a $3.4 Billion RFI to Nigeria. Zimbabwe joins Sudan and Eritrea in the exclusion from International Finance Institutions from recieving aid during the Pandemic.
In the letter, Zimbabwe pledged to eliminate Central Bank printing in place of an ” urgent and high level dialogue” on a loan to reschedule their already owed debts and clear some of its arrears.
Zimbabwe is currently in the Middle of food crisis with a lockdown that threatens millions facing hunger with a rising inflation of 676% year on year.