Tanzania’s national debt stands at US$26 billion

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Tanzanian government’s national debt reached 60.9 trillion Tanzanian shillings (about 26.3 billion U.S. dollars) as of April 2021, the Minister for Finance and Planning Mwigulu Nchemba told parliament Thursday.

While presenting the economic survey 2020 report and the national development plan 2021/2022 in the House in the capital of Dodoma, Nchemba said the national debt stood at 55.5 trillion shillings as of April 2020.

He attributed the increase of the national debt to new borrowings for financing development projects.

Nchemba said the 2020 Debt Sustainability Analysis Report showed that the government debt was sustainable in the short, medium, and long term, basing on all internationally accepted debt sustainability indicators.

The minister said foreign currency reserves have continued to remain at sufficient levels to meet the demand for imports of goods and services.

As of April 2021, the country’s foreign reserves were 4.97 billion dollars which was sufficient to cover 5.8 months of imports of goods and services, he said.

Nchemba also said the government has proposed to spend 36.3 trillion Tanzanian shillings for development and recurrent expenditure in the 2021/2022 financial year.

The Speaker of the National Assembly Job Ndugai said Members of Parliament will debate the national budget proposals next week. Enditem

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