Zimbabwe has been in default on ECGD-guaranteed contracts since 1998. Little has since been recovered, and nothing has been recovered since ECGD's 2002-03 financial year. ECGD's unrecovered claims currently amount to £105 million. Zimbabwe's arrears to official creditors are substantial and cannot be properly addressed in the continued absence of a funded IMF programme, which would be a prerequisite of any restructuring by the Paris Club Group of Official Creditors.