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Zambia tells IMF it will cut $1 billion in subsidies

By  Chris Mfula, Reuters    |   14 October 2016   |   2:13 am


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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