Due to its economic meltdown, the country has been excluded from international bailouts and debt relief amid the coronavirus pandemic
Zimbabwe is being forced into a corner by the refusal of multilateral lenders to lend the country more money as the country faces economic meltdown, according to the government’s top treasury official.
As a result, it’s been excluded from official bailouts and debt relief extended to other countries amid the coronavirus pandemic, relying largely on grants from donors to deal with the subsequent health crisis.Still, Zimbabwe’s woes were legion even before the pandemic struck. The economy is in free-fall as a result of persistent shortages of foreign currency, fuel and food. Rampant inflation and a local currency that has imploded since being re-introduced last year.
The World Bank said its position on Zimbabwe “has not changed” and the country remains ineligible for direct financial assistance. “Support to countries such as Zimbabwe, that are not current on their debt service, can only be provided through trust funds, with allocations managed and programmes implemented primarily through our technical assistance programmes,” a spokesperson for the Washington-based lender said in an e-mailed response to questions.
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