ZIMBABWE is using proceeds from platinum exports to settle a US$400 million loan from the African Export-Import Bank (Afreximbank) amid persistent struggles to access international lines of credit, Finance minister Mthuli Ncube has said.
In a public debt report tabled before Parliament recently, Ncube stated that the Afreximbank facility comprised the bulk of external loan disbursements that went towards financing the country’s budget deficit.
“The budget deficit was financed through external loan disbursements amounting to US$409 million (equivalent to Z$2,3 trillion) comprising US$9 million disbursements from existing loans (the Arab Bank for Economic Development in Africa — BADEA and the OPEC Fund for International Development — OFID) and a new loan of US$400 million from Afreximbank.
Finance Minister, Mthuli Ncube
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