Zimbabwe Finance Minister Patrick Chinamasa said on Tuesday the African Development Bank’s (AfDB) had agreed to cancel the southern African nation’s $601 million in...

Zimbabwe Finance Minister Patrick Chinamasa said on Tuesday the African Development Bank’s (AfDB) had agreed to cancel the southern African nation’s $601 million in arrears to the bank.

Zimbabwe's Finance Minister Patrick Chinamasa (L) addresses a media conference after meeting International Monetary Fund (IMF) Executive Director for Africa Chileshe Kapwepwe (R) in Harare, September 7, 2015.   REUTERS/Philimon Bulawayo

Zimbabwe’s Finance Minister Patrick Chinamasa (L) addresses a media conference after meeting International Monetary Fund (IMF) Executive Director for Africa Chileshe Kapwepwe (R) in Harare, September 7, 2015. REUTERS/Philimon Bulawayo

“The African development bank has set aside some funds to help Zimbabwe clear its arrears to the bank,” Chinamasa told a news conference.

Zimbabwe owes foreign creditors $9 billion and has been struggling for five years to recover from a catastrophic recession, widespread food shortages and hyperinflation.

 

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Staff Writer