Zambia has told the International Monetary Fund (IMF) it will gradually cut subsidies amounting to about $1 billion as part of an economic recovery plan, Finance Minister Felix Mutati said.
Africa’s
second-biggest copper producer will also boost funds for social
welfare, Mutati said during talks with IMF officials at the lender’s
annual meetings, a finance ministry statement released late on Sunday
said.
The statement did not specify which
subsidies would be trimmed. Zambian government subsidies include about
$600 million annually for electricity and fuel.
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