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Zimbabwe President Seeks to Woo Lenders by Paying Loan Arrears

  • Country owes money to International Monetary Fund, World Bank
  • New president says he doesn’t plan to cut civil-service size
Emmerson Mnangagwa

Emmerson Mnangagwa

Photographer: Waldo Swiegers/Bloomberg

Zimbabwe is committed to repaying arrears to external lenders so that it can resume support programs with institutions such as the International Monetary Fund and end years of isolation from global capital markets, said the country’s president.

Emmerson Mnangagwa, the 75-year-old who took over as leader of the southern African country in November after the military pressured Robert Mugabe into resigning, said one of his priorities is reintegrating his country into the global financial system. The economy has halved in size since 2000, credit lines from most lenders have been withdrawn and infrastructure has crumbled.