Tanzania is required to boost its economy by more than 13% annually in order to attain a middle income status by 2025. For the past years, the country’s economy has been growing at 7% only.
Speaking Monday during the launching of the Tanzania Investment Bank 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, AllAfrica reported.
He said the two segments were vital 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 government is determined to revive them in a fresh bid to industrialize the country. TIB was supposed to make the dream come true,” said Mpango.
He noted that the government was doing all within its capacity 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 was essential to foster economic projects.
TIB acting managing director Charles Singili complained of lack of funds in preparing project proposals as one of the challenges which derail the facility from offering best services.
WB Positive
The World Bank has painted an upbeat outlook of Tanzania’s economy, giving credibility to growth figures released by the National Bureau of Statistics in Dar es Salaam.
In its latest analysis of economic trends in Africa released in the US recently, the WB said although Africa’s overall growth had been slowing, Tanzania was among countries that had shown signs of resilience by growing at an average of 6%.
“After slowing to 3% in 2015, economic growth in sub-Saharan Africa is expected to fall further to 1.6% in 2016, the lowest level in over two decades...while many countries are registering a sharp slippage in economic growth, others—Ethiopia, Rwanda and Tanzania—have continued to post annual average growth rates of over 6%,” the WB said.
