Tanzania private sector body commends government annual budget

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Close-up of a Calculator and Pen on a Financial Newspaper. Blue-toned.

The Tanzania Private Sector Foundation (TPSF) on Friday commended the government’s budget for the 2020-2021, saying it has focused on development of the industrial sector by protecting local industries and improving the business environment.

Angelina Ngalula, the TPSF chairperson, said the budget unveiled in parliament on Thursday by the Minister for Finance and Planning Philip Mpango also focused on development of trade and creation of employment.

“The government’s 2020-2021 budget practically aims at making Tanzania economically independent,” Ngalula told a news conference in the business capital Dar es Salaam.

“The private sector has also been impressed by the government’s recognition of the private sector as an important pillar towards the development of the national economy,” she said.

She said suggestions made by the private sector to the government during the process of planning for the budget have been largely reflected in it.

Ngalula said the new budget that becomes effective from July 1 has thoroughly explained the contribution of agriculture, fisheries and industries toward the country’s economic growth.

“These sectors play important roles in the creation of an industrial economy,” she said, adding that 37 percent of the budget has been allocated to the implementation of development projects.

Unveiling the budget in parliament, Mpango said the government planned to spend 34.88 trillion Tanzanian shillings (about 15 billion U.S. dollars) in the 2020-2021 fiscal year. Enditem

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