Zimbabwe to use diamond sales proceeds to repay debt

Zimbabwe is looking at repaying its debt, through dimaond sales proceeds, reports suggest. The recent announcement by Zimbabwe's Prime Minister Morgan Tsvangirai, reportedly states that the country is considering this measure to part of the country’s external debt totaling $7.1 billion, and also to rehabilitate Zimbabwe's faltering industry. The country’s diamond sales have already touched $300 million.

Zimbabwe’s Finance Minister Tendai Biti is reported to have said, "The resolution of the debt is crucial for us to be integrated in the international community and also the resolution of our political problem." The country's long standing issue of legally allowing sale from the Marange fields stands unresolved, for which country President Robert Mugabe had been working at getting the KP approval, to further boost the country's economy.