Zimbabwe has acknowledged that the repayment of more than a third of its US$300mn debt to the International Monetary Fund (IMF) does not automatically avert its threatened expulsion from the global lender.
Zimbabwe has paid back US$120mn to the Washington-based lending affiliate of the World Bank.
An IMF team has just visited Zimbabwe for key talks. Zimbabwe claims that it is making an effort to pay back the debts and should not be expelled from the IMF.
Zimbabwe’s economy has shrunk by 30% in the past four years following the seizures in 2000 of about 4,500 white-owned commercial farms which sent agricultural production plummeting.