World Bank Statement on Zimbabwe – NO LENDING UNTIL issue of arrears is resolved. The World Bank released a statement on the Mugabe led country that is in economic ruin.
The statement read:
The World Bank Group is committed to work with all partner countries, including Zimbabwe, to achieve their long term development goals. We care deeply about the well-being of the people of Zimbabwe.
Contrary to what has been reported in some media, Zimbabwe is not currently eligible for financing under IDA’s turnaround facility. The Zimbabwe Turnaround Eligibility Assessment Note that was leaked to some outlets is an unofficial draft document that has not been approved by the Bank.
The World Bank will only resume direct lending to Zimbabwe when the issue of arrears is resolved. This approach is standard to all International Financial Institutions. Upon arrears clearance, Zimbabwe would be eligible as a borrowing member of the Bank to a broad range of financing instruments.