Africa-Press – Zambia. Cost-reflective tarrifs on electricity coming, FISP will be shrunk, Musokotwane tells Zambia’s creditors In their presentation to sovereign and bilateral creditors held on 15th December 2021, Minister of Finance, Hon. Situmbeko Musokotwane and Secretary to Treasury, Felix Nkulukusa informed them of government reforms, and IMF staff-level Agreement achieved on 3rd December, 2021.
The duo also briefed the creditors of economic measures and reforms undertaken such as the removal of subsidies, the intention to charge cost-reflective tariffs on electricity, and FISP’s reforms.
The Farmer-In Put Support Programme ( FISP) spending will be reduced from 2.8% of GDP to 1% of GDP by 2024. Government also disclosed that Zambia’s total public debt stock stood at $27billion ( $17billion in US$ and $10billion in Kwacha).
The foreign debt is broken down as follows; Zambia owes members of the Paris Club a total of $6.5billion, while it owes China $5.8billion. Te rest is domestic debt and government’s guarantees on its exposure to state-owned enterprises’ debt.
Government has pledged to its creditors transparency, fair treatment and that it will follow an IMF/WBG debt sustainability programme in tackling its debt distress.
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