Zambia Takes $200 Million Hit to Counter Iran War Fuel Shock (2)

Zambia will forgo about $200 million after suspending fuel taxes for three months to shield consumers from an oil-price surge driven by the war with Iran, and plans to seek IMF and World Bank support, Finance Minister Situmbeko Musokotwane said.

“That’s $200 million worth of taxation out the window,” Musokotwane said in an interview in Washington on Monday, where he is attending the International Monetary Fund and World Bank Spring Meetings. “This is money that we need for all sorts of necessary activities and services in the country.”

Situmbeko Musokotwane

Photographer: Hollie Adams/Bloomberg

He initially told Bloomberg the figure was about $100 million, before ...