The intractability of public debt in post-independent Zimbabwe: An international comparison

How has public and publicly guaranteed debt in post-independent Zimbabwe relentlessly spiralled over time? The mixed method study aimed to determine the causes and effects that have triggered a debt crisis in Zimbabwe. Descriptive data on public debt was obtained from the World Bank portal for the period 1980–2022. The research used documentary evidence obtained from online repositories. Documentary analysis was used under the data analysis section. Research findings indicated that high public debt was a result of continuous borrowing from financial institutions, corruption, weak institutions, non-adherence to the available legal frameworks, unbudgeted expenditures, as well as a lack of transparency and accountability in public debt management. It was also established that unsustainable public debt in Zimbabwe led to slow economic growth and a loss of creditworthiness status. The novelty of the research is on the basis of examining the causes and effects of public debt as well as providing solutions. These research findings imply that Zimbabwe must reduce its public debt levels in order to improve its capacity to meet macro-economic objectives and attain sustainable development goals. In terms of policy recommendations, it was suggested that there is a need for implementing public debt policy, debt transparency, a strong commitment to deal with corruption, responsible and restrained government borrowing.