elmerf123456 Debt written off.....BAM!!!!!! Hooooo Crap!!!! This is so HUGE!!! This debt right off makes an attainable turnaround for the Zimbabwean people turned mountain into a hill and gives legitimacy to their currency I think that about sums it up
AfDB writes off Zimbabwe's $601m debt
http://t.co/mRYFAq0kbN/s/J6eivia @New Mail Nigeria
Anyone can plant any seeds of doubt they want to but that article gives me more hope than 1000 dump trucks can squash any negatives out of me. I am so positively happy
JimBake: Afdb = african development bank…. As of 31 December 2011, the African Development Bank's authorized capital is subscribed to by 78 member countries made up of 53 independent African countries (regional members) and 25 non-African countries (non-regional members).
Fitzgerald: 601 MILLION DOLLARS OF ZIMBABWE DEBT HAS BEEN CANCELLED
WE ARE A PART OF HISTORY......THIS WILL NEVER HAPPEN AGAIN IN OUR LIFETIME
ARE YOU REALLY READY?????
BECAUSE IT LOOKS LIKE THIS THING IS GONNA MOVE VERY QUICK
WE ARE WITNESSING THE PROCESS RIGHT BEFORE OUR VERY EYES
IdahoUSA: Great News The African Development Bank, AfDB on Tuesday announced the cancellation of Zimbabwe’s 601 million dollar debt arrears.
Rkstx: The country`s BasilIII is the country`s worth including the diamonds, platinum and gold In The Ground...just like USA`s net worth. I hope that clears that up. The system is electronic. Make sense?
NurseGinger: It takes extraordinary people to recognize the following: Change Happens, Anticipate Change, Get Ready For Monitored Change, Adapt To Change Quickly, The Quicker You Let Go Of Old Change happens, Enjoy Change! Savor The Adventure Be Ready To Change Quickly And Enjoy ABOVE ALL REMAIN GROUNDED AND FOCUSED
AfDB writes off Zimbabwe’s $601m debt
The African Development Bank, AfDB on Tuesday announced the cancellation of Zimbabwe’s 601 million dollar debt arrears.
ADB representative, Sibry Tapsoba, said in Harare that the move was aimed at helping the country emerge from a long economic crisis.
“We want to assure Zimbabwe of the commitment of the African Development Bank to the country in clearing its arrears. The institution will set aside funds for the purpose,” he said.
He said Zimbabwe was owing the ADB, the World Bank, the International Monetary Fund and other foreign creditors over $10 billion.
“International institutions stopped lending to Zimbabwe after it started defaulting 15 years ago.
“At that time, the expulsion of white farmers contributed to a decade-long crisis that turned the country formerly known as southern Africa’s bread basket into a net importer of food.
“Massive inflation forced Zimbabwe to abandon its currency for the US dollar in 2009,” he said.
After a rebound between 2009 and 2012 with average growth rates of nearly nine percent, growth has again slowed to an expected 1.5 percent in 2015.
The representative noted that Western sanctions over human rights violations have long soured relations.
He said President Robert Mugabe had now softened his anti-Western rhetoric, saying he hoped to get assistance from the World Bank and IMF.
Tapsoba said he hoped the ADB’s move would “unlock” international confidence in Zimbabwe.