Browsing: TPSF

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Tanzania: Time to borrow, rates at all time low

Tanzania

It further explains that the RCF disbursement will continue to help address Tanzania’s urgent balance of payment needs arising from the Covid-19 pandemic.

The money will also serve to provide Tanzania with concessional resources needed to take measures to mitigate the severe socio-economic impact of the pandemic.

Tanzania’s economy is heavily dependent on the tourism industry and as yet, the IMF cautions that travel services receipts and travel arrivals continue to remain below pre-pandemic levels.…

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Tanzania considers tax breaks to cushion economy

Tanzania

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 …

Agribusiness digitization to boost food production in Tanzania

Tanzania

Commissioning of an Agricultural Trade Information System (ATMIS) in the country will spur rapid growth of the economy as farmers, agro-dealers, regulators and consumers interact easily online.

TradeMark East Africa`s (TMEA) Country Director, John Ulanga said ATMIS is a powerful digital platform that brings together all agriculture stakeholders including experts in the field and markets for commodities.

`Digitization of the agriculture sector will contribute towards rapid economic growth in the East African region because it will provide access of our commodities to the regional market,` Ulanga said while opening training of stakeholders on the how to use ATMIS in Dar es Salaam last week.

He said among other things, the platform will be used by Ministry of Agriculture and Cooperatives to issue permits for various goods and services but also allow farmers and agro dealers pay fees and commission online.

Ulanga further noted that TMEA has invested in the development…