HARARE (The Southern African Times) – Zimbabwe’s government plans to raise $169 million from treasury bills to help fund its budget between July and September, the country’s public debt management office said on Wednesday.
The southern African nation expects to run a budget deficit of 1.3% of gross domestic product this year and will rely on the domestic bond market to plug the gap.
The Zimbabwe Public Debt Management Office released a schedule which showed the national treasury would borrow a total of 14.45 billion Zimbabwe dollars ($169 million) up to September by issuing T-bills with a tenure of 270, 365 and 730 days.
Zimbabwe, which has experienced bouts of hyperinflation in the past, does not qualify for fresh loans from international lenders such as the Word Bank and International Monetary Fund due to longstanding arrears. Notwithstanding unilateral sanctions that have impacted its ability to grow its own economy.
