This came in a bid to reduce cases where the majority of them inherit debts from the previous colonial governments which may not have been clearly accounted for.
The head of Zimbabweâ€™s delegation to the Africa Caribbean Pacific-European (ACP-EU) Joint Parliamentary Assembly, Cde Makhosini Hlongwane said Zimbabwe inherited a debt of up to $700 million from the then colonial government led by Ian Smith as a result of unstructured power transfer mechanism that made it difficult for the new government to ascertain the legitimacy of any debt.
He further explained that borrowing has also created a dependency syndrome which kills innovativeness and has a reductionist impact on economic growth in developing countries most of which are members of the ACP.
â€œBorrowing has led to more borrowing creating a vicious cycle. This has put roadblocks in accessing development financing at the same timeÂ entrenching the poor further into poverty. Lender countries do not want to lend to countries that have not cleared their previous loans regardless of how unsustainable those loans may have become,â€ said Cde Hlongwane.
Cde Hlongwane said while acknowledging the processes of Highly Indebted Poor Countries Initiative (HIPC), the Multilateral Debt Relief Initiative (MRDI) and the PARIS Club initiative the end result in a majority of cases has been a further contraction of debt because of the complex formula and strict obligations to be satisfied by debtor countries.
The Africa Caribbean Pacific-European Joint Parliamentary Assembly has parliamentarians who represent their member countries and meets from time to time to debate and deliberate on various issues affecting their countries.
Zimbabwean delegation has members from the three main political parties, Zanu PF and the two MDC formations.