Tanzania outlines measures to stimulate economic growth

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Locals wear face masks as a preventive measure against coronavirus, in Dar es Salaam, Tanzania, April 20, 2020. Tanzanian health authorities on Monday announced 84 new confirmed cases of COVID-19 in three days, bringing the total number of confirmed cases to 254 from 170 reported on Friday last week. (Xinhua)
Locals wear face masks as a preventive measure against coronavirus, in Dar es Salaam, Tanzania, April 20, 2020. Tanzanian health authorities on Monday announced 84 new confirmed cases of COVID-19 in three days, bringing the total number of confirmed cases to 254 from 170 reported on Friday last week. (Xinhua)

Tanzanian authorities said on Monday that they have outlined measures to be implemented in the 2021-22 financial year to stimulate economic growth, service debts and control revenue wastage.

Mwigulu Nchemba, the Minister of Finance and Planning, said the government will undertake studies on its financial models to identify investment opportunities and new revenue sources.

Nchemba outlined the measures when he tabled his ministry’s budget proposals for the 2021-22 financial year in parliament in the capital Dodoma.

During the forthcoming financial year that starts on July 1, the government will carry out research on the government revenue and expenditure systems to identify challenges and find their solutions, said Nchemba.

He told the House that other priority measures will include carrying out an analysis of the national debt and coordinating strategies on finding soft loans to finance the national budget.

The government will meanwhile carry out an evaluation of the country’s guidelines on development projects, said the minister.

On May 28, the Bank of Tanzania forecast a 5.6 percent economic growth for the East African nation in 2021. Enditem

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