LUSAKA, April 14 (Reuters) - Zambia will lose about $200 million in revenue by suspending some fuel taxes to cushion the impact of the Iran war on households and businesses, Finance Minister Situmbeko Musokotwane said on Tuesday.
* Zambia last month approved the zero-rating of Value AddedTax and suspended excise duty on petrol and diesel imports forthree months starting April 1, measures aimed at mitigatingrising global energy prices triggered by the war. * Speaking at the International Monetary Fund-World BankSpring Meetings in Washington, Musokotwane said the mostimmediate risk facing many African economies over the next 12months was a possible energy crisis arising from the conflict inthe Middle East. * He said the conflict could intensify inflationarypressures, raise production costs, and place additional strainon already constrained fiscal positions across many Africannations, according to a statement released by Zambia's financeministry. * While support from international institutions such as theIMF would be welcome, Musokotwane said African governments mustalso pursue domestic reforms to improve their resilience andstrengthen the quality of public spending. * Zambia is one of many African countries hard-hit bysurging global energy costs.(Reporting by Chris Mfula;Writing by Nilutpal Timsina;Editing by Alexander Winning, Alexandra Hudson)
