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"The legislation makes it clear that the minister

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"The legislation makes it clear that the minister

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HARARE Authentic Nick Foles Jersey , July 3 (Xinhua) -- The debt-ridden Zimbabwean government said Thursday it will restrict borrowing to financing only infrastructure and productive sector projects in a move to curtail the country's ballooning domestic and external debt now standing at 9.9 billion U.S. dollars.

Finance Minister Patrick Chinamasa said Zimbabwe needed to urgently find a solution to the debt crisis which he acknowledged had become a major impediment to the country's ability to unlock new financing from international financial institutions and foreign creditors.

He said that after verifications and validations, Zimbabwe's total debt stood at 9.9 billion U.S. dollars as at end of December 2013 of which 8.9 billion dollars was external debt. The external debt includes 596 million U.S. dollars owed by the central bank, public and publicly guaranteed external debt of 6.94 billion U.S. dollars and private sector non-guaranteed external debt of 1.95 billion U.S. dollars.

The government debt ratio to gross domestic product ratio is 54 percent Authentic Dallas Goedert Jersey , Chinamasa said, adding that Harare was negotiating with the creditors for a debt solution.

The country's major multilateral creditors include the World Bank which is owed 1 billion U.S. dollars, the African Development Bank (612 million U.S. dollars) Authentic Carson Wentz Jersey , the European Investment Bank (280 million U.S. dollars) and the International Monetary Fund which is owed 121 million U.S. dollars.

Zimbabwe also owes the Paris Club 3.3 billion U.S. dollars debt and owes the non-Paris Club countries 692 million U.S. dollars – of which 666 million U.S. dollars to China.

Chinamasa said part of the external debt was incurred before independence in 1980. He explained that the bulk of the debt to the World Bank was borrowed by the Agriculture Finance Corporation - now Agribank - to construct dams on white-owned farms.

He said the cabinet recently approved a bill that proposes debt management measures, among them the establishment of a statutory Zimbabwe Debt Management Office and centralization of powers to borrow to the finance minister only or to any of the persons he many delegate.

State enterprises and local authorities have to obtain approval to borrow from their line ministers, who in turn will liaise with the finance minister on the request to borrow Josh Sweat Jersey , Chinamasa said.

Previously, line ministers were allowed to approve borrowing requests by state enterprises and local authorities under their watch.

"The legislation makes it clear that the minister of finance will have sole authority to borrow money on behalf of government by concluding loan agreements, issuing. Cheap Jerseys Cheap Jerseys Cheap Wholesale Jerseys Cheap Jerseys Online Cheap Jerseys Wholesale Cheap Jerseys Online Cheap Authentic Jerseys Cheap Replica Jerseys Cheap Soccer Jerseys China Wholesale Jerseys
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