Zambian President Edgar Lungu cut his salary and those of senior cabinet ministers Friday, as higher electricity and fuel prices take effect, his office said.
The price of petrol gained 10 percent to 17.62 kwacha per liter on Thursday, while that for diesel fuel rose by 9.6 percent to 15.59 kwacha.
The cost of electricity is to soar by 115 percent starting January 1.
The stiff hikes for electricity and fuel have sparked an uproar on social media where many Zambians vented their anger.
The cut in the president’s salary and those of senior ministers is in the range of 15 to 20 percent.
“The money realized will go into cushioning the impact on the vulnerable in society. The money realized from this decision will go towards ameliorating the impact that the increase would have brought on the masses,” Lungu’s press aide Isaac Chipampe said in a statement.
Lungu said he was aware of the suffering that the Zambians were going through as a result of the tariff hikes but expressed confidence that the economy would rebound in 2020 owing to measures that the government has put in place.
They include reducing travel by senior government officials.
source: news.abs-cbn.com
MOSCOW — Russia, one of the world's biggest energy producers, is basing its economic forecasting on an oil price of $50 per barrel, Energy Minister Alexander Novak said Tuesday.
"We believe that in the medium term, oil prices will be around $50," Novak said in an interview with Rossiya 24 state television, adding this was a "conservative scenario".
"Our forecast of (Russia's) socio-economic development is based on this price," he said.
The forecast is below the current market price for oil which has been volatile as worries about supply have been counterbalanced by concerns over a slowing world economy.
On Tuesday WTI, the US benchmark, traded at around $52 while its European counterpart, Brent, stood at just over $58.
Russia's budget for the current year was based on an price of around $42 per barrel, the lowest in about a decade, according to Bloomberg.
Export of oil and natural gas are 2 major sources of revenue for Russia which has, however, been trying to diversify the economy.
Russia has been cooperating with OPEC, of which it is not a member, to limit production with a view to engineering an oil price rebound after sharp drops seen in 2014-2015.
In mid-September energy markets briefly soared following attacks on oil infrastructure in Saudi Arabia, but dropped off again amid unease about the global economic outlook.
source: news.abs-cbn.com
