LUSAKA, May 8 (Xinhua) -- Zambia has embarked on a process of rehabilitating strategic fuel storage depots to boost fuel reserves and shield the country from supply disruptions caused by conflicts in the Middle East, the country's finance minister said Friday.
Speaking at a national development coordinating committee meeting, Minister of Finance and National Planning Situmbeko Musokotwane said the move is part of the government's broader strategy to ensure the economy's resilience to external shocks.
"In order to arrest rising pump prices, we have also implemented relief measures, including the suspension of excise duty and the zero-rating of value-added tax on petrol and diesel. This will protect our economic sectors," he said.
The government, he added, has continued to implement measures to mitigate the economic effects of the Middle East conflict, which has impacted global fuel prices, disrupted supply chains, and threatened the country's domestic revenue mobilization efforts.
He noted that the government is keen to scale up efforts and sharpen its focus on implementing development interventions to optimize development outcomes for the economy and citizens' welfare.
The minister added that the government continues to regard the country's development agenda as a top priority and underscored the importance of staying on track to attain the desired development aspirations guided by Vision 2030.
