PRESS STATEMENT

“SOURCE FOR CHEAPER FUEL OR RE-INTRODUCE FUEL SUBSIDIES IN THE INTERIM TO STABILIZE PRICES.” ZUFIAW GENERAL SECRETARY URGES GOVERNMENT

JULY 1, 2022.

THE ZAMBIA UNION OF FINANCIAL INSTITUTIONS AND ALLIED WORKERS (ZUFIAW) GENERAL SECRETARY MR. KASAPO SUNDREA KABENDE HAS CALLED ON GOVERNMENT TO CONSIDER RE-INTRODUCING FUEL SUBSIDIES OR SOURCE FOR CHEAPER FUEL WHILE URGENTLY EXPLORING OIL FIELDS IN THE COUNTRY IN ORDER TO STABILIZE COMMODITY PRICES. MR KABENDE NOTED THAT GOVERNMENT HAS IN THE RECENT PASSED SIGNED A NUMBER OF BI-LATERAL AGREEMENTS MANY OF WHICH SPEAK INTO THE SUPPLY OF FUEL. HE NOTED THAT EXTERNAL FACTORS SUCH AS THE RUSSIA – UKRAINE WAR HAD BOTH IMMEDIATE AND LONG-TERM EFFECTS ON THE PRICE OF FUEL GLOBALLY. HE FURTHER EXPRESSED CONCERN THAT THE MONTHLY DETERMINATION OF FUEL PRICES WHICH HAD BEEN ADOPTED BY THE ENERGY REGULATION BOARD (ERB), WAS MAKING IT EXTREMELY DIFFICULT FOR BOTH INDIVIDUALS AND BUSINESSES TO EFFECTIVELY PLAN AND CONDUCT BUSINESS.

“THE CURRENT COST OF LIVING IN THE COUNTRY DUE TO HIGH FUEL PRICES HAS RESULTED INTO A HIGHLY DEPLETED VALUE OF WAGES AND OUR MEMBERS ARE FINDING IT EXTREMELY DIFFICULT TO SUSTAIN THEMSELVES AND THEIR FAMILIES, LET ALONE INVEST FOR THE FUTURE. THE CURRENT HIGH COST OF LIVING AND THE PROJECTED COMMODITY PRICE INCREASE SHALL HAVE A LONG TERM IMPACT ON THE WELFARE OF WORKERS AND THEIR FAMILIES. UNTIL THE SITUATION IN RUSSIA – UKRAINE NORMALIZE AND WE BEGIN TO SEE A POSITIVE TRAJECTORY IN OUR ECONOMY, GOVERNMENT NEEDS TO TAKE INTO CONSIDERATION THE PLIGHT OF THE ORDINARY ZAMBIAN AND PROVIDE A CUSHION SO THAT THEIR DAILY LIVES AND BUSINESS ACTIVITIES ARE NOT AFFECTED. THE CURRENT SYSTEM OF MONTHLY FUEL PRICE ADJUSTMENTS IS NOT WORKING AND WE HEREBY CALL UPON GOVERNMENT, THROUGH ERB, TO REVISIT THIS SYSTEM. MANY BUSINESSES ARE FINDING IT HARD TO COPE WITH THESE MONTHLY ADJUSTMENTS AND ARE THEREFORE, INFLATING PRICES IN ORDER TO ACCOMMODATE THE ANTICIPATED ADJUSTMENTS. THE ULTIMATE BURDEN FALL ON THE FINAL CONSUMER, A CATEGORY WHERE OUR MEMBERS FALL.” HE OBSERVED.

“THE REMEDY TO THIS PROBLEM IS FOR GOVERNMENT TO RE-INTRODUCE FUEL SUBSIDIES IN THE INTERIM AS THEY SOURCE FOR CHEAPER FUEL AND MOST IMPORTANTLY EXPLORE OIL FIELDS IN COUNTRY. WE ARE ALIVE AND IN FULL SUPPORT OF THE FACT THAT GOVERNMENT IS FRANTICALLY TRYING TO ACHIEVE ECONOMIC RECOVERY HENCE THEY HAVE TAKEN NECESSARY DRASTIC MEASURES AIMED AT IMPROVING THE ECONOMY AND ULTIMATELY THE LIVES OF MANY ZAMBIANS, BUT THERE OUGHT TO BE INSTANCES WHERE THE ZAMBIAN PEOPLE ARE GOING TO NEED RELIEF.” HE STATED.

“AS A TRADE UNION REPRESENTING WORKERS IN THE FINANCIAL SECTOR, WE WISH TO HIGHLIGHT THE PLIGHT OF OUR MEMBERS WHO HAVE BEMOANED THE CURRENT INCREASE IN COMMODITY PRICES AND HEREBY CHALLENGE GOVERNMENT TO QUICKLY RESPOND TO THIS SITUATION. THE UNION HAS ALREADY CONCLUDED NEGOTIATIONS FOR CONDITIONS OF SERVICE FOR EMPLOYEES IN MOST OF OUR AFFILIATED INSTITUTIONS AND THE COST OF FUEL WAS ONE OF THE PARAMETERS USED IN THE NEGOTIATIONS. OUR MEMBERS WILL HAVE TO CONTEND WITH THE CHALLENGES BETWEEN NOW AND THE NEXT ROUND OF NEGOTIATIONS WHILE THE CURRENT ECONOMIC TRENDS ARE INDICATING THAT COMMODITY PRICES ARE ON AN UPWARD TRAJECTORY DESPITE A SINGLE DIGIT INFLATION AND THE APPRECIATION OF THE KWACHA IN THE RECENT PAST. THIS SITUATION SHALL HAVE FAR REACHING CONSEQUENCES ON OUR MEMBERS AND THEIR 犀利士 FAMILIES.” HE STATED

“WE WILL CONTINUE TO ENGAGE AND PARTNER WITH GOVERNMENT AND OTHER RELEVANT STAKEHOLDERS IN ORDER TO FIND A LASTING SOLUTION TO THIS AND MANY OTHER ISSUES AFFECTING OUR WORKERS AND THE NATION AT LARGE” HE STATED

ISSUED BY

KASAPO SUNDREA KABENDE

GENERAL SECRETARY

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