Zimbabwe owes the two Bretton Woods institutions, the World Bank and the International Monetary Fund (IMF) about USD$8 billion.
The revelations were made clear when the World Bank told journalists about its projects under the Multi Donor Trust Fund (MDTF) at a consultative meeting in Harare.
“The aim of the two-year work programme is to support a transition from humanitarian to recovery and to increase transparency, accountability and reform in Zimbabwe,” the World Bank said.
Since February 2008, the MDTF has increased to about US$7.5 million and come from such organisations as United States Agency for International Development, USAID, DFID, Finnish International Development Agency, FINNIDA and the World Bank.
The Fund is meant to enable Zimbabwe to return to economic stability soon.
“For the forward work programme for the financial year 2011 and 2012 we are anticipating financing of USD$8 million although this is still under discussion,” the World Bank said in a statement made available to Radio VOP.
“Over the last two years the MDTF has produced and contributed to a wide range of analytical work,” the World Bank said.
“Collectively these analytical pieces have contributed to an increased stock of country knowledge.”
The MDTF contributes to analytical work on the key development challenges facing Zimbabwe right now within the context and objectives of the World Bank’s Interim Note.
It is also meant to develop suitable activities and instruments that can enable the Government of National Unity (GNU) and donors to respond quickly to challenges and changes in conditions for re-engagement.
“Improved donor coordination is an expected benefit from the activities and synergies supported under the MDTF,” the World Bank said in its statement.