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PF was not paying fuel Suppliers – Finance Minster

Filed under: Breaking News,Business |
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Finance Minister, Situmbeko Musokotwane

Finance and National Planning Minister Dr. Stumbeko Musokotwane says the PF administration were not paying Suppliers hence the price was low.

Dr. Musokotwane also says the pain Zambians are going through now would have been 10 times more if the UPND Administration didn’t reach a debt restructuring deal with creditors.

Making a presentation at a discussion yesterday, Dr. Musokotwane said the PF messed up the economy. He said fuel was being supplied without paying the Suppliers but accumulating the debt.

The Minister explained that the debt were being accrued adding that UPND found that the country was owing fuel Suppliers millions of dollars.

Dr. Musokotwane revealed that the Oil Suppliers had threatened take action against government that would have seen the debt accrue higher interest. He said the UPND Administration had to do agree with the Creditors on conditions that could not worsen the situation. He said the current fuel prices were reflective of the market value.

And Dr. Musokotwane says the current economic pain Zambians were going through wound have been worse, 10 times more if the debt was not restructured. He explained that 77% of the debt has been restructured with a payment of upto 2050.

Dr. Musokotwane said it’s unfortunate situation but there was no other option responding to calls that the debt was being pushed to the future generations. He said this has to be done to give reconstruct the economy.

The discussion was organized by the News Diggers in conjunction with Diamond TV and Prime Television.

Zambian Eye, 5th May 2024.

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