Skip to main content

Debts: Zimbabwe

Volume 457: debated on Wednesday 7 March 2007

To ask the Chancellor of the Exchequer if he will make a statement on Zimbabwe’s repayment of debt to (a) the International Monetary Fund and (b) the World Bank. (122847)

Zimbabwe has been in arrears to the International Monetary Fund (IMF) and the World Bank since February 2001 and October 2000 (respectively). Following a series of payments, Zimbabwe cleared its arrears to the IMF’s General Reserve Account on 15 February 2006. However, it remains in arrears to the Poverty Reduction and Growth Facility—Exogenous Shocks Facility (PRGF-ESF) Trust at the IMF, the World Bank, the African Development Bank and the Paris Club.

As result, Zimbabwe is unable to access any new financing from these institutions and is also unable to vote in the IMF Board. The IMF has urged a comprehensive and sequenced programme of economic reform to tackle the economic crisis and address the desperate situation faced by the ordinary people of Zimbabwe. The UK fully supports that advice.