No.2 REsERVE BANK oF ZIMBABWE (DEBT AssuMPTION) "'reconcile", in relation to reconciling a claim arising from a prior debt, means to establish the amount of such claim by comparing and harmonising the amounts rcftccted in the records of the Reserve Bank and in those of the creditor: "Reserve Bank" means the Reserve Bank of Zimbabwe established in terms of the Reserve Bank of Zimbabwe Act l Chapter 22:15]; "settle", in relation to the settling of prior debts by the State, includes to liquidate such debts in accordance with section 4(3): "validate", in relation to validating a claim mising from a prior debt, means to establish the existence of such claim. (2) The Debt Management Office is a department of the Ministry of Finance and Economic Development whose functions include- 3 ( a) acting as the custodian of all aid and loan agreements to which the Government of Zimbabwe is a party; (b) engaging with creditors of the Government of Zimbabwe on debt management, an·ears clearance and debt relief; (c) validating and reconciling debt data concerning creditors of the Government of Zimbabwe; (d) monitoring and effecting debt service payments on behalf of the Government of Zimbabwe. Extent of prior debt For the purposes of this Act(a) the prior debts of the Reserve Bank consist of the liabilities incurred by the Reserve Bank before the 31st December, 2008, that are itemised in the Schedule; (h) the liabilities itemised in the Schedule shall, ifthe claims relating to them are validated and reconciled in accordance with section 5, he regarded as prior debts of the Reserve Bank even if(i) the Reserve Bank had no power or capacity to incur the liability: (ii) the liability became payable after the 31st December, 2008; 4 (c) a liability arising out of a Government guarantee or undertaking shall he regarded as having been incurr-ed when the guarantee or undertaking was gtven. (d) all prior debts assumed in terms of section 4 shall attract interest at the rate of tlve per centum per annum from the date the debt was contracted till IJ1e date of final payment. Assumption of obligations by the State ( l) Subject to the validation and reconciliation of the relevant claims under section 5, the Minister shall, on behalf of the State, assume responsibility for the discharge of( a) the outstanding obligations ofthe Reserve Bank with respect to its ptior debts; and (h) such other obligations as he or she may consider expedient with respect to the prior debts of the Reserve Bank; and may give written authority to any person to sign and execute as his or her representative any undertaking, agreement or document pursuant to any such assumption of responsibility. 18 2015