PRESIDENT John Magufuli has been stepping up efforts towards maximizing the country's available resources in advancing economic growth.
To achieve the objective, the President has always thrown his weight into making robust changes to transform the country from a low productivity stage to a semi-industrialized economy as championed by his Fifth Phase Government.
The zeal for the changes was again underscored in his speech he delivered at the end of last year in Dodoma during the inauguration of the 12th Parliament, signalling the beginning of his second five-year term.
Sticking to his continued determination to transform the economy, President Magufuli's quest to that objective has started featuring prominently in all his plans despite having spent about 100 days only in office since he was re-elected to the highest office on land.
In his 100 days in office, President Magufuli has already come up with economic transformation plans that his government wants to implement; mostly economic feats including re-profiling issues of public debt, issues of tax collection and management of resources.
Dr Hildebrand Shayo, an economist-cum-investment banker, said Dr Magufuli in his 100 days has not just made assurances; he has made promises for he wants his government to deliver during his second term.
"His firmness has enabled to maintain inflation at single digit (around three per cent) and continues to restore fiscal discipline and macro stability.
"Above all, during his100 days he has managed to restore confidence in macro-economy by anchoring fiscal policy on the pillars of credibility, clarity and transparency," Dr Shayo said in an interview.
Other areas that have been touched in one way or the other include providing focus of the economy, maintaining the culture of believing what matters to the nation and directing Tanzania as a united nation.
"Dr Magufuli has set up a vision that underpins his five-year administration, and which I believe will increase Tanzania's capacity to build its position in the region and in the world map," Dr Shayo said.
Reports provide that for the country to successfully implement its third Five-Year Development Plan (FYDP III), the government will require 114.8tri/- in the next five financial years.
Out of the money, 74.2tri/- will be sourced from the public sector while the private sector will contribute the remaining 40.6tri/- to the implementation of the development blueprint.
The president, according to the experts, has created an enabling environment to make Tanzanians more efficient, effective, accountable, open and transparent.
"These attributes are crucial for the country to be able to lead to better economic health, while engendering a culture of increased organisational responsiveness and interaction," Dr Shayo said.
In this sense the country can fulfil the needs and expectations of 'wananchi' and its development partners, regionally and internationally in creating a self-reliant state, it has been observed.
The shilling, in the first 100 days of President Magufuli's administration has held its ground and traded at stable range. The shilling held its ground to trade in narrow ranges and only edged slightly higher by a shilling against the US Dollar in the last quarter ending last December.
"The slight appreciation was a result of the decreased demand for the hard currency mainly arising from end of year shillings tax obligations from big corporates, which was also buoyed by sustained inflows from mining and Agri flows," NMB Bank said in its latest Market Digest.
The pair opened at 2,320/-, then traded to the highs of 2,324/- before clawing back some of the depreciation to close at 2,319/- in three months to last December.
The bank, one of the largest lenders in the land, said going into the first quarter of this year, increased importers demand to cover for requirements ahead of Chinese New Year could potentially put pressure on the local unit.
However, NMB said, "it is anticipated inflows mainly from non-traditional flows like pulses together with improved tourism inflows will buoy the local unit."
In all levels, the achievements were highlighted clearly in the views and comments given at the 12th Parliament when discussing president speech when opening the House.
Monetarily, the government will increase its 2021/22 budget by four per cent in a deliberate move to speed up the economic growth thrust.
The budget will rise from 34.88tri/- of the 2020/21 financial year to 36.26tri/- in 2021/22 which will also be the first year for FYDP III.
Towards the Vision 2025 goals, the FYDP III will specifically be built on three pillars of: good governance, economic growth and development of people.
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