(Bloomberg) — Zambia is looking to sell a Gulfstream G650ER jet bought for the presidency for $194.9 million in 2019 as it seeks to cut costs.
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President Hakainde Hichilema pledged to offload the plane once elected, and hasn’t used it since taking office in August last year, opting rather for commercial flights or an older presidential jet. The previous administration overpaid for the aircraft, according to Defense Minister Ambrose Lufuma.
“Wastage came to $60 million, now, $60 million — to put it into context — is equivalent to another Gulfstream Jet ER,” he told lawmakers on Thursday. It would be prudent to sell the aircraft and buy a cheaper one with “comparable capacity,” the minister said.
The southern African nation became Africa’s first pandemic-era defaulter two years ago and is in the midst of debt restructuring talks after securing a $1.3 billion International Monetary Fund package.
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