Dar es Salaam. Good morning! The Chanzo is here with a rundown of major news stories reported in Tanzania on Friday, March 11, 2022.
Govt to spend over Sh41 trillion in the next financial year
Minister of Finance and Planning Dr Mwigulu Nchemba said Friday that the government plans to collect and spend a total of Sh41.06 trillion in the next financial year of 2022/23.
He revealed this when he was tabling the National Development Plan and Budget ceiling proposals in Dodoma.
Disaggregating the figure, Dr Nchemba said a total of Sh28 trillion, equivalent to 70 per cent of the revenues collections will be from local sources.
He added that the next year’s budget will centre on the community development and agriculture sector.
The budget ceiling document shows that about 23 percent of the projections will be going to servicing loans while 10 percent is planned to be used in the SGR railway project and the Julius Nyerere Hydropower project. However, this is a draft proposal pending parliament seating and official tabling of the budget.
Tanzania registers growth in mining contribution to GDP
Minister of Minerals Doto Biteko said Thursday that Tanzania’s mining sector contribution to the national economy increased to 7.3 per cent in 2021 from 6.5 per cent recorded in 2020.
The government’s projection is to see the mining sector contributes 10 per cent to the national economy by 2025 but this could be realized much earlier, Biteko told a press conference in the capital Dodoma.
According to the minister, the mining sector made history in the past year when mineral sales reached Sh8.3 trillion and the government collected Sh597.53 billion in taxes and royalties.
Biteko said Tanzanians’ participation in the mining sector services increased from 43 per cent to 63 per cent when mining services collections were 579.3 million U.S. dollars.
He attributed achievements in the mining sector to reforms undertaken under the administration of President Samia Suluhu Hassan, including the improvement of mining conditions for artisanal miners who contributed to 30 per cent of mining activities in the country.
Biteko said the reforms have led to the creation of at least 44 gold trading centres and 70 other minerals trading centres across the country which have helped to stop the smuggling of minerals outside the country
Tanzania: projects worth Sh18.75 trillion registered in one year
Investment, Industry and Trade Minister Ashatu Kijaji said Thursday that the government has registered a total of 294 projects worth Sh18.75 trillion during the past year that President Samia Suluhu Hassan has been in office, adding that such a value of registered investments has never been registered before in the history of the country.
Upon completion, the projects – registered between March 2021 and February 2022 – will create 62,301 jobs directly, Dr Kijaji said.
“We have made tremendous progress in investment. The number of projects that we have recorded is a huge milestone in the history of Tanzania,” The Citizen newspaper quoted Dr Kijaji as saying.
She attributed the achievements to the government’s tireless efforts in improving the business environment that has rekindled hopes of businesses for assurance of returns on their investment.
“More investors have shown interest in investing in Tanzania,” she pointed out during a function in the capital Dodoma. “This suggests that our President has regained trust and confidence of investors by tackling the hurdles they face in their businesses.”
The minister said that the government has been able to address the hurdles ranging from red tape, unfriendly taxation system, complexity in the issuance of work permits to foreigners and other unnecessary barriers.
According to her, the government has also simplified the issuance of work permits to foreigners with an online system which has cut the waiting days from two weeks to within two days given that all documents are intact.
This is it for today and we hope you enjoyed our briefing. Please consider subscribing to our newsletter (see below) or following us on Twitter (here) as that is the best way to make sure you do not miss any of these briefings. And in case you have any questions or comments, please consider dropping a word to our editors at editor@thechanzo.com.
