MINISTER of Finance and National Planning Dr. Situmbeko Musokotwane has said Government will remove the $67 million- a-month spent on fuel subsidy. He says this will result in savings of $809 million in 2022.Similarly, Secretary to Treasury, Felix Nkulukusa disclosed that Government has been spending $1.3 billion on both fuel and electricity subsidies.Government and the IMF have reached a staff-level agreement on a new arrangement under the Extended Credit Facility ECF) for 2022-2025.Further, the staff-level agreement is subject to IMF and Executive Board approval and receipt of necessary financing assurances.Government has also committed to make bold and ambitious economic reforms.This will enable Government access $1.4 billion in three years from the Fund. This translates to $460 million a year.So the questions to ask;Do we need the IMF if we can make savings of $1.3 billion from our own decision of fuel and electricity subsidies?Do we need the IMF if we can earn this money from […]
No fuel and electricity subsidies in 2022
Dear Editor,
