Posted 12/5/2023, 9:53:29 AM
Zimbabwe Taps Platinum Exports to Repay Costly Loan Amid Limited Financing
- Zimbabwe using $400M platinum exports to repay Afreximbank loan due to limited financing options
- Loan has 10.2% interest rate, 6-year maturity; 35% of Zimplats' exports overseen by central bank
- Zimbabwe burdened by $18B debt, can't access World Bank, IMF, AfDB funding
- Recently introduced taxes on lithium, wealth to fund 14x spending increase after currency devaluation
- New gold-backed digital currency launched to halt re-dollarization threatening economy