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Zimbabwe's PM Says Diamond Revenue to Help Pay Off Debt

Mar 9, 2011 4:05 AM   By Deena Taylor
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RAPAPORT... Zimbabwe will use revenue from diamond sales to pay off part of its $7.1 billion external debt, Prime Minister Morgan Tsvangirai said. In an interview with Reuters, Tsvangirai explained that the country will seek relief for 68 percent of its foreign debt and pay the remainder using proceeds from its minerals, including  diamonds and platinum.

"The government has so far sold diamonds worth $300 million, and the money will be used to service the debt and also to rehabilitate Zimbabwe's faltering industry,"  Tsvangirai said.

Zimbabwe was $1.3 billion in arrears on money owed to the International Monetary Fund (IMF), World Bank and African Development Bank as of July 2010, Reuters reported.

The country is still facing an embargo on diamond exports imposed by the Kimberley Process for suspected human rights violations in the Marange diamond fields.

Tags: Deena Taylor , Deena Taylor, Marange Fields, Morgan Tsvangirai, Zimbabwe
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