Zimbabwe struggles to explain US$2.7B debt discrepancy amid deepening crisis

A staggering US$2.7 billion discrepancy in Zimbabwe’s debt figures has raised alarm bells, casting a shadow over the country’s already precarious debt crisis and prompting urgent calls for clarity and transparency in the government’s handling of the nation’s finances.

The country’s debt arrears are ballooning to unprecedented levels, posing a significant threat to national development and access to global financial markets, and prompting urgent efforts by the government to negotiate a sustainable repayment plan with international financial institutions and creditors.

According to Deputy Minister of Finance, David Mnangagwa, the debt figures are still undergoing validation and reconciliation.

“Our debt figures are still going through some validation and reconciliation. There has been US$1.9billion recapitalisation of the Mutapa Fund and an additional US$1.2billion that was assumed from the RBZ.

“These would still need to be reconciled and validated before they are entered in the debt profile. That process is still underway.,” he revealed this to Parliament on Wednesday afternoon.