MINISTER of Finance and Planning, Mwigulu Nchemba has assured that Tanzania’s economy will grow at an average of 5.6 per cent this year almost twice the projections of the International Monetary Fund (IMF) for sub-Sahara African countries.
According to the Minister, the government’s comprehensive strategy includes controlling inflation rate to remain below 5.0 per cent, increase internal revenue collection by at least 15.9 per cent of GDP and rise tax revenue to 13.5 per cent from 12.9 per cent in 2020/21.
Tabling the 2020 State of National Economy and the National Development Plan in the Parliament on Thursday, the Finance and Planning Minister highlighted that the objective is to cut down budget deficit (including grants) to less than 3.0 per cent of GDP. This, he said is in accordance with the agreement reached by East African Community member states.
Nchemba noted that the state also intends to get a foreign exchange reserve at the rate that meet demands for imports of goods and services for not less than four months.