Tanzania, November 13, 2017 – 2018 seems to be a promising year for a number of countries especially in the East African community. Tanzania is aligning itself with next year’s plans to see its economy expand by 7.1 per cent, slightly higher from the prospective 7.0 per cent on the close of this year. The expansion has been catapulted by the robust move in the transport and communications industry as well as the construction sectors.
The government of Tanzania has reiterated its expectation of a higher 0.1 percent growth in the economy after it was timed from 7.4 per cent in May. However, with better improvements in various sectors the growth could prove to be more than expected.
Infrastructure has been the key area that the country is looking to boost, being one of the branches for public investment for the country. Already they ae expanding the transport networks in ensuring roads are maintained and they are also building a standard gauge railway. The government has new ideas for the ports.
Tanzania’s Premier John Pombe Magufuli’s style of doing business has had some investors cold hearted while others remain adamant it is for a greater good.
The World Bank (WB) released a statement saying that the business activities have gone down significantly due to the unpredicted policy actions that take over their business policies and expectations. Over the years, the “Bulldozer” personality has seen a number of changes taking place in the country, one fundamental one being the end of corruption in the government offices that has streamlined the operations of the government.
The Government of Tanzania is still on the journey to raise their spending to 32.476 trillion shillings in there 2018/19 fiscal year budget that runs between July and June. Most of the funds will be driven to public infrastructure investments while the others will be sub-divided to the industrialization of the country’s economy.
The Finance Minister has said the Parliament will borrow close to $600 million from external non-concessional lenders.