FUEL AND FOOD PRICES TO FURTHER INCREASE DUE TO THE CONFLICT IN UKRAINE
President Hakainde Hichilema’s Spokesperson, Anthony Bwalya writes below 👇🏾
The International Monetary Fund (IMF) projects that the conflict in Ukraine is likely to impact 4 key areas as follows:
- Higher fuel prices
- Higher food prices
- Lower tourism revenues
- Challenging access to international capital markets and finance
Important to note, is that developing countries, like Zambia, are expected to bare the brunt given the general lack of economic resilience.
Zambia remains exceedingly vulnerable to these shocks, especially as we continue to battle legacy economic shocks, notably a massive debt stock which includes half a billion US dollars worth of fuel arrears which continue to pose a big challenge to the country’s ability to mobilize sufficient fuel reserve stocks.
We have to be patient. We have to be resilient.
Your government is not sleeping.