Government has begun publishing details of various loans it took since the November 2017 coup in fulfillment of a court order which compels them to do so.
Community Water Alliance of Zimbabwe (CWAZ) dragged the Ministry of Finance and Economic Development to court for failing to publish loans as required by Section 300(3) of the Constitution of Zimbabwe.
The High Court then granted an order that; the Ministry of Finance’s failure to publish the terms of the loans and guarantees concluded by the Government of Zimbabwe or in favour of the African Export-Import Bank or any other 3rd party International financiers from January 2017 to the 24th of November 2020, within 60 days of their conclusion, is declared to be a violation of Section 300(3) of the Constitution of Zimbabwe.
The High Court order also stated that Section 18(2) of the Public Debt Management Act was also violated.
The Minister of Finance and Economic Development was then ordered to publish in an Extraordinary Government Gazette the terms and conditions of all the loans and guarantees concluded by the Government of Zimbabwe from January 2017 to 24 November 2020 by 30 January 2021.
So far government has published details of two loans, one for US$600 million taken from the African Export-Import Bank in December 2017 and another for US$300 million from the same bank in December 2019.
Both loans were taken allegedly for the acquisition of strategic commodities.
The second republic has been accused of racking up multiple odious debts bypassing Parliament as required by law.
Currently the nation owes over $1.2bn in arrears to the World Bank, African Development Bank and European Investment Bank.
For nearly 20 years, Zimbabwe has been in default on $9bn worth of international debt and the debt, according to experts needs restructuring, probably with the assistance of the IMF and the World Bank.