Browsing: Tanzania Private Sector Federation (TPSF)

According to the 2022 National Tourism Survey, tourism earnings in Tanzania have shown positive comeback post Covid-19.

The figures indicate a good recovery trajectory with data showing that the sector is up 83% having earned an impressive 1.4 billion USD and tourist receipts of 922,692 which represents an increase of about 48.6% compared to the 2020 performance.

According to the Tanzania National Five Year Development Plan 2021/2022-2025/2026, the country targets to attract 5 million tourists and garner revenues of US$ 6 billion.

The tourism sector contributes to the country’s GDP by an impressive 17%, and its contribution to foreign exchange earnings is more than a quarter (25 percent) of the country’s total foreign exchange earnings.…

Members of Parliament in Tanzania are urging the government to consider giving tax breaks to businesses in a bid to help them stay afloat.

Alternatively, the government is encouraged, through the Central Bank, to scrap interest on loans so that borrowers do not fall into default.

At the moment, despite the global slowdown, businesses are still operational but they are operating way below their year revenue projections. Already, at the start of the second quarter, the country is facing potentially huge loan defaults by both large corporations as well as small and medium sized companies.

Big businesses are now turning to the government to intervene. While the Central Bank, the Bank of Tanzania (BoT) has already issued a stimulus package for commercial banks, the Tanzania Private Sector Foundation (TPSF) is working on an arrangement to save large borrowers from mega defaults that would in effect ripple throughout the economy.

Commercial …