Tanzania is required to boost its economy by more than 13 per cent annually in order to attain a middle income status by 2025. For the past years the country’s economy has been growing by 7 per cent only.
Speaking yesterday when launching the Tanzania Investment Bank (TIB) board of directors, Finance and Planning Minister Philip Mpango challenged the board members to ensure the bank put much attention on supporting agriculture and industrial sectors.
He said the two segments were prime at reviving the county’s economy to attain the middle income status.
“Our economy has been registering poor economic improvement pace due to lack of proper attention to the two sectors. The fifth phase government is very determined to revive them in a fresh bid to industrialise the country. TIB was supposed to make the dream come true,” said Dr Mpango.
He noted that the government was doing all in its capacities to promote agribusiness and semi-processed industries, fishing and modern pastoralism from grassroots levels across the country.
He added: “Most public and private development projects have been stuck due to lack of discipline and commitment among most officials. I call upon you to deliver,” he appealed to members of the body.
The minister insisted that elevating the country’s economic status to the tune of attaining a middle income status was never an easy task. He said Public Private Partnership (PPP) was essential so as to foster various economic projects.
TIB acting managing director Charles Singili itemized lack of funds in preparing project proposals as one of the challenges which derail the facility from offering best services.