LUNGU agrees to sell Zesco

Forged President Edgar Lungu has agreed to sell and privatise the power utility company, Zesco as part of the IMF programme that will also see massive reduction of the workforce as the company will be restructured.
The IMF programme will also see and immediate increase in fuel pump prices as well as electricity tariffs and reflect what is considered commercially attractive for private sector investment.
Lungu has also agreed to remove all the subsidies in fuel, electricity, students bursaries, and farming inputs support programmes as a cost serving measures.
For Zesco, Lungu has been ordered that the company be disbanded in three entities namely power generation, distribution and marketing with each one working as a single entity that must be sold to private sector who will determine the amount of workforce and revenue costs they will be generating commercially.
The IMF have told Lungu that 60 percent of Zesco revenue goes into personal emoluments and cannot be sustained hence the need to sell it to the private sector who will eventually reduce the workforce by the same 60 percentage so that the various entities can make profits to survive.
With that agreement, Lungu will then be strictly supervised in the management of the initial US 1.3 million dollars loan with strict adherence to spending and cost effectiveness.
Under the programme, there will be no major construction projects in the country as the country was already owing road contractors more than the entire national budget for the works already done.

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