World Economy

Tanzania Growth 7%

Tanzania Growth 7%Tanzania Growth 7%

Tanzania recorded strong economic growth of 7% in 2015, according to a review by the International Monetary Fund, NewsNow reported. The economy in the East African country has been driven by construction and financial services as well as the transportation and communication sectors. Tanzania’s relationship with the IMF is based on an agreement called a Policy Support Instrument or PSI. Tanzania’s budget spending for the fiscal year starting in July is likely to rise 2.2%, according to a document released by the finance minister. Philip Mpango presented the document outlining budget plans for 2016/17 to parliament last Monday.