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Zimbabwe: Government's domestic debt rises 1.3 m per cent in three weeks.
Text of report by privately-owned weekly newspaper The Zimbabwe Independent website on 24 October
[Report by Paul Nyakazeya: "Govt domestic debt up 1.3 million per cent in three weeks"]
Zimbabwe's domestic debt rose 1.3 million per cent inside three weeks to Z$1 trillion on August 8 from Z$79.6 million recorded on July 15, official figures revealed this week.
The rise in government domestic debt levels, which is now being kept secret by the Reserve Bank, was sparked by huge interest payments which account for Z$822 billion of the total debt.
The debt has been ballooning because of the Reserve Bank's advances to government, largely for the March 29 and June 27 presidential elections, agricultural mechanisation programme and food imports.
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