africa Economy Finance Tanzania

Tanzania spending to rise 2% to about US$14.4B

Tanzania’s overall spending will rise 2pc to 33.11 trillion shillings ($14.43 billion) in 2019/2020, while borrowing 4.96 trillion shillings from the domestic market, Philip Mpango, its finance minister told parliament on Thursday.

The government also plans to borrow 2.32 trillion shillings from external non-concessional sources, Mpango said.

East Africa’s third-largest economy is investing heavily in public infrastructure projects as it seeks to profit from its long coastline and upgrade its rickety railways and roads to serve the growing economies in east and central Africa.

Source: Business Recorder

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