The government has said the central bank will continue formulating effective fiscal policies to help in building robust economy amidst the current global economic shocks.
This was said by the Finance and Planning Minister, Dr Mwigulu Nchemba recently when officiating at the 8th Gilman Rutihinda’s memorial lecture held in Dar es Salaam under the theme ‘Strengthening Monetary Fiscal Policy Coordination in Challenging Global Economic Conditions’
“The Bank of Tanzania has been taking necessary measures including formulating effective and efficient fiscal monetary policies which will help in developing strong economy that can absorb the global economic shocks,” he said.
He added, “If we keep cooperating with our international financial partners, BoT will be able to formulate fiscal policies that will enable to stabilise the economy”
The BoT Governor, Mr Emmanuel Tutuba honored the late Central Bank Governor Rutihinda’s efforts in bringing about positive economic changes in the country.
“Governor Rutihinda made a remarkable contribution to economic reforms which paved the way for the restoration of the country’s economy in the early 1990s,” he said.
Adding “he engineered and implemented the first reform programme in the financial sector commonly known as ‘the first generation of financial sector reforms’ which aimed at improving domestic savings and enhancing the effectiveness of the monetary policy,”
Mr Shantayanan Devarajan, a Professor and Renowned Development Economist from Georgetown University in Washington highlighted some of the challenges facing most African countries including poor economic policies attributed to bringing bad economic conditions.
Regardless of the ongoing economic challenges worldwide, Prof Shantayanan said Tanzania has maintained macroeconomic stability though is still facing some risks including energy subsidies being poorly targeted and agricultural input vouchers should be distributed in a way that avoids elite capture.
Adding to the matter, Prof Anna Tibaijuka, the former Member of the Parliament (MP), urged the government to adopt the new free market system in an effort to challenge the economic situation in the country.
“Our financial policies are still challenging both in and out of the country…..The world is also facing these economic challenges… the government has to plan strong strategies to combat the situation,” she said.
This year’s Gilman memorial was attended by a number of economists including Dr Patrick Njoroge, Kenya’s Central Bank Governor and Prof Jehovaness Aikaeli from the University of Dar es Salaam, Dr Louis Kasekende, the Executive Director of the Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI).
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