France to renegotiate Zimbabwe debts

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France, yesterday, said it is willing to cancel Zimbabwe’s Paris Club debt but there should be strong indications that it will channel the money to developmental projects.

Speaking at the end of Tsvangirai’s visit, France Prime Minister Francois Fillon said his country is keen to engage Zimbabwe on the issue with the view of cancelling the debt.

Said Fillion “I indicated that France was prepared to renegotiate Zimbabwe’s debt in the framework of the Paris Club but with a specific offer from France which would involve converting that aid into development projects,”

Tsvangirai told the press that other European countries said they would first consult the IMF and the World Bank.

It is understood that Zimbabwe owes close to $500 million.

France was the only country that did not commit any financial aid during Tsvangirai’s trip.

Tsvangirai said concrete discussion on the debt cancellation would be started in the coming weeks.

He said he was satisfied with the money he got ” as there is no single country that would give you $10 billion” saying donors where still sceptical with the governance of the reserve bank.

“We need to urgently restructure the central bank as that is the major stumbling block to us,” he said.

Tsvangirai said he was also impressed with the level of interest shown by the West in getting Zimbabwe on its path to recovery.

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