The Zimbabwean minister said Zimbabwe had begun issuing bonds with maturities of between two and 20 years in order to honour its debt to creditors and was looking at how they can be traded, while it was also looking to issue bonds to compensate white former farmers over time.
Zimbabwe, which has suffered bouts of hyperinflation in the past 15 years, has over $10 billion in external debt, mostly in arrears. It has not received funding from lenders like the IMF and World Bank for more than two decades as a result.
“We’ve begun to make token payments to the World Bank, the AfDB (African Development Bank), European Investment Bank,” Ncube said. “And all the Paris Club creditors, 17 of them, we will be making token payments to show that we want to be a good debtor.”