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Browsing: Tanzania economy
Further, the IMF argued that the ECF arrangement for Tanzania supports government priorities, strengthening fiscal space for much-needed social spending and high-yield public investment, resuming and advancing the authorities’ structural reform agenda and strengthening financial deepening and stability.
Moreover, the IMF statement noted that “the ECF arrangement is centred on supporting the economic recovery from the scarring effects of Covid-19 and coping with spillovers from the war in Ukraine; preserving macroeconomic stability, and advancing the structural reform agenda toward sustainable and inclusive growth.”
On a broader scale, the IMF’s financial support goes after levitating Tanzania’s essential priorities.…
Earlies this month, the government of Tanzania demonstrated how serious the nation is with a big deal sealed in the nation’s capital, Dodoma, on Saturday (11 June).
The Government of Tanzania and its partners, including global industry giants Equinor, Shell and ExxonMobil, have set the bar so high with a historic Host Government Agreement (HGA), which will realize ambitious gas and Liquified Natural Gas (LNG) mega project.
The $30 billion natural gas project aims to produce 10 million tons per annum of LNG for export with transformational potential for industrialization by bringing investment, technology, skills and infrastructure to the country, which will benefit Tanzanian businesses and its citizens.…
The government is already working on all issues facing Dangote’s factor on President Suluhu’s directives. This means Tanzania is reshuffling its strategies and operations along the investment lines, to keep up with the rest of the region far ahead of her.
As a country that graduated to a low-middle-income level much more effort towards building sound and attracting an investment environment is required.
The current small achievements prove that there is more coming from President Suluhu’s administration in terms of advancing more foreign investment in the country.…
President Suluhu Hassan has welcomed American investors in her bid to “set the tone for creating the safe lending for investors”.
By 2021, Tanzania led in East Africa in the number of FDI attracted from the US to Tanzania, followed by Kenya and Uganda.
Over the past years, there was deterioration in Tanzania’s business and investment sector that marred the nation’s attractiveness.
The latter brought Tanzania to rank 141 out of 190 countries on the 2020 World Bank Ease of Doing Business Report, which the International Trade Administration argued to be the lowest among the nation’s peers.
Hence, President Suluhu Hassan’s administration is addressing the latter. Her government has now substantially improved cross border trading with its neighbouring nations, dealing with unrealistic taxes, unnecessary bureaucracy, delayed refunds and unfriendly administration of taxes.…
Thanks to the credit extended by BoT, the private sector credit maintained a strong recovery pace, recording an annual growth of 10 per cent, the same as in the preceding month, and significantly higher than the 2.6 per cent recorded in January 2021.
The central bank report noted that accommodative monetary policy had catapulted good performance of the sector. Money supply growth was strong in January 2022 and consistent with the target of 10 per cent for 2021/2022.
“Extended broad money supply (M3) grew at an annual rate of 14.9 per cent compared with 15.5 per cent in the preceding month.”
The review unequivocally pointed out that the growth rate was more than twofold of the outturn in the corresponding period in 2021.…
According to the review, money supply to accommodative monetary policy measures and supportive fiscal policy during the first half of 2021/2022.
Tanzania is a nation whose economy is driven by the healthy participation of the private sector, the sector fair well amid slow times.
Credit to the private sector grew by 5.9 per cent compared with an average of 5.1 per cent from July to December 2020.…
- Gold exports accounted for 43 per cent of goods exported by the year ending September 2021
- The Tanzanian shilling is argued to be stable against the US dollar
- Still, debt is a thorn to the Tanzanian government as it stands at more than $33 billion
The central bank of Tanzania released its monthly economic review report on 11 November, for October 2021, and it depicts the economy to be stabilised, despite a few sectors showing some decline in performance.
One of the most promising notes in the report is the stability of the shilling against the US dollar, “trading at an average rate of Tshs. 2,309.62 per US dollar in September 2021, compared to Tshs. 2,310.88 per US dollar in the preceding month,” the report noted.
Inflation
On this crucial sector of the economy, the report noted that inflation remained within the target of 3.5 per cent for the years …