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Zambia Cuts Fuel Subsidies, Raises Pump Prices by Fifth Ahead of IMF Deal

  • Country is seeking $1.4 billion in funding from the IMF
  • It became Africa’s first pandemic-era defaulter last year
Photographer: Waldo Swiegers/Bloomberg

Zambia increased fuel pump prices as it scrapped subsidies to secure a bailout from the International Monetary Fund.

Gasoline and diesel rose respectively by 20% to 21.16 kwacha ($1.29) per liter and by 29% to 20.15 kwacha per liter effective Friday, Reynolds Bowa, who heads the Energy Regulation Board, told reporters in Lusaka, the capital, Thursday.