Metro

Ethiopia raises fuel prices by 20% in phased subsidy removal

Published

2 years ago

September 30, 2022

In a bid to gradually phase out subsidies for petroleum products, the Ethiopian government has raised fuel prices by 20% which came into effect on Thursday, barely three months after a previous 30-40% hike.

A statement by the country’s Trade Ministry said the measure was part of a “systematic phasing out of government subsidies for petroleum products as government is faced with soaring crude oil prices this year, which are widening the state’s deficit.”

“Although international oil prices showed some stability in September, the difference remains significant compared to those in our country.

“The Ethiopian government had decided to phase out all fuel subsidies in July,” Ministry said in the statement released in Friday.

Local media in the country have reported that consequent upon the increase, the price of petrol rose by 19.83% at fuel stations, rising from 47.83 to 57.05 birr (1.12 euro), and that of diesel and paraffin rose by 22.19%, from 49.02 to 59.90 birr (1.18 euro).

The current price increase in petroleum products is not the first in recent times in the country as the trend has been on since December last year when petrol and diesel prices shot up to more than doubled its price, increasing by 120% and 157% respectively.

The first stage of the subsidy removal in July also saw the price of petrol jump by almost 30% and diesel by almost 40%.

The over two-year conflict in the breakaway northern region of Tigray, has also taken a heavy toll on Ethiopia’s economy because of the cost to the public finances and the reluctance of international donors and investors to go into the war-torn country, which has ultimately, affected its economy negatively.

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Metro

World Bank pledges $3b to support Zambia’s development goals

Published

18 hours ago

November 14, 2024

Isaac Dachen

The World Bank Group has pledged to avail Zambia with approximately $3 billion to support the country’s development goals under the new Country Partnership Framework (CPF) for 2025-2029, with nearly half of the funds already disbursed.

World Bank Country Manager, Achim Fock, who made this known at the CPF launch at the Mulungushi Conference Centre in Lusaka on Wednesday, outlined the global lender’s focus areas, which included enhancing jobs, human capital, and climate resilience.

Fock highlighted that $200 million had been approved to strengthen Zambia’s social protection programs, including the Refugee and Host Community Project.

He also expressed optimism for upcoming approvals, including the Climate and Economic Resilience Financing and the Zambia-Tanzania Interconnector.

Zambia’s Finance and National Planning Minister, Situmbeko Musokotwane, who also spoke at the event, noted that 2.3 million Zambian households have so far benefited from social protection interventions such as the Cash for Work Programme, emphasizing the government’s commitment to safeguarding lives amid crises like the recent drought.

Musokotwane further reiterated the government’s commitment to protecting lives during times of crises such as the recent drought.

“More than two thirds of the Zambian population was affected by the drought. It was the government’s view that the first priority was to save lives,” Musokotwane stated.

Metro

Chinese mining giant CNMC set for $1.6 billion investment in Zambia

Published

2 days ago

November 13, 2024

Isaac Dachen

A Chinese mining giant, China Nonferrous Metal Mining Company (CNMC), has announced the investment of over $1.6 billion in Zambia, following successful discussions with President Hakainde Hichilema at the State House on Tuesday.

CNMC Chairman and Chief Executive Officer, Wen Gang, who held the discussions with Hichilema along with the Chinese Ambassador to Zambia, Han Jing, confirmed the company’s commitment to furthering Zambia’s economic development.

“We are actively investing in critical sectors of Zambia’s economy,” Gang said after the meeting.

He noted that CNMC was currently pumping water from Shaft 28 at Luanshya Copper Mine, where 29.9 million cubic liters have been cleared as part of intensified dewatering efforts, adding that the company plans to inject an additional $200 million to develop a greenfield mine on the Copperbelt.

President Hichilema who welcomed CNMC’s commitment, highlighted the potential economic impact of the firm’s investment which will include job opportunities for Zambians.

“This $1.6billion investment, alongside advanced technology and expansion, will extend operations and create more jobs and opportunities for Zambians, especially in mining contracting and supply,” the President said.

He also expressed gratitude to Chinese President Xi Jinping and the Chinese government for their shared commitment to fostering growth and cooperation between the two countries.