Africa-Press – Zambia. Zambia’s Minister of Energy Makoze Chikote has revealed that, as of July 2021, the country had accumulated a total of USD 477.8 million in petroleum procurement debt.
Responding to a question from Lunte Member of Parliament Mutotwe Kafwaya regarding how much debt the Government had incurred for fuel procurement, Mr. Chikote stated that by July 2021, the USD 477.8 million debt had accrued an additional USD 197.6 million in interest.
Mr. Chikote said that by June 2024, the total petroleum debt had risen to USD 877.2 million.
He added that the Government has managed to pay USD 109 million, reducing the outstanding balance to USD 521.7 million.
He further stated that the Government has successfully negotiated the removal of contractual interest charges to prevent the debt from increasing further.
However, he noted that it is currently not possible to provide a definitive timeline for when the debt will be fully dismantled.
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