TANZANIA’s economic and investment performance has remained strong among African nations, emerging top in eastern African countries, the government has affirmed.
Addressing a news conference in Dar es
Salaam yesterday, the Chief Government Spokesperson and Director of
Information Services, Dr Hassan Abbas said Tanzania’s economy is growing
at an average rate of 7 per cent, the leading speed compared to other
EAC nations.
“Despite the global economic crisis,
Tanzania has continued to remain strong in economic growth, becoming the
leading economy destination in Africa and the first in EAC,” he said.
According to statistics, Tanzania is
leading with 7 per cent economic growth rate, whereas Kenya stands at
6.4 per cent, Rwanda 6 per cent and Uganda 4.5 per cent. Dr Abbas said
that the report by the World Bank and International Monetary Fund (IFM)
also indicates strong economic growth in Tanzania.
He also noted that statistics by the Bank of Tanzania (BoT) and IFM affirms that Tanzania has sustained high economic growth.
“The strong growth is supported by
reforms done in various development sectors, including health, energy
and education sectors,” he said, adding that the performance is also
attributed by huge investments being initiated by the government and
soaring collection of revenues.
Commenting on revenue collection, Dr
Abbas said that the revenue collection has increased from 925bl/- in
2015 to 1.069tri/- in 2017, recording a 15 per cent increase per year.
In investment performance, Dr Abbas said
that the Quantum Global Research reports indicate that Tanzania is
ranked number eight in Africa and the first in EAC in investment drive.
In 2015, Tanzania was ranked 19 among
African countries. In another development, Dr Abbas said that the
country has recorded 224,738 new businesses compared to 7,277 closed
since July 2015 to March 2017.
In the health sector, Dr Abbas noted
that the government increased the ministry’s budget to 1.077tr/- in
2017/18 from 796bl/- in 2015/16, saying that the increase of the budget
has in turn seen the increase in budget for purchase of health
equipment, including medicines from 30b/- in 2015/16 to 261b/- in
2017/18.
On the energy sector, he said, the
government has initiated various projects, including the Kinyerezi One
power plant generating 150MW with 30MW, some of it being used in Mtwara
and Lindi.
He said the government was finalising the construction of Kinyerezi Two which is set to generate 240 MW.
He said that the performance is also
driven by the education sector, whereby the government sends 18bl/- to
schools every month to boost the education drive.
Meanwhile, Dr Abbas reiterated the need
for the public to refrain from political propaganda and instead embark
on serious investment for the betterment of the country.
He said the government intends to bring
huge reforms in the country’s development; therefore, it was wise for
people to work and strongly support it instead of mocking the efforts.
“Those mocking the country’s economy
should stop and instead work to support the efforts … their political
propaganda are baseless, even when the records from international bodies
such as IMF and World Bank state clearly that Tanzania’s economy is
sustained and strongly growing,” he said.
He said the two financial governing bodies state that Tanzania stands out as the best example in economic performance in Africa.
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