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Tanzania suffers huge loss in privatized industries: minister

Xinhua, June 9, 2016 Adjust font size:

Tanzania has suffered huge loss in its industries it privatized in mid 1990s as out of 106 firms sold to private individuals, only 34 are successfully operating.

Phillip Mpango, Minister for Finance and Planning disclosed this on Wednesday in Dodoma when addressing Tanzania's National Assembly on the State of the economy and the One Year (2016/17) Development Plan.

The minister said 33 industries privatized were operating on loss, while the remaining 39 industries have closed business.

Some of the industries that have closed business include tanneries, steel factories, and industries for farm implements, cooking oil, soap and cashew nut processing.

Mpango cited lack of capital, technology, shortage of raw material and reliable electricity as some of the key challenges that lead to the loss.

According to the minister, Tanzania's economy is expected to grow by 7.2 percent in the next financial year.

He said the government would do its best to ensure inflation rate does stay at between five and eight percent during the 2016/2017 financial year. Endit