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Tanzanian gov't sets 16.5 bln USD budget framework for 2017/18

Xinhua, November 2, 2016 Adjust font size:

The government of Tanzania said on Tuesday that it planned to have a budget framework of 16.5 billion U.S. dollars for 2017/2018, a slight increase from the 2016/2017 budget set at 14.7 billion US dollars.

Philip Mpango, the east African nation's Minister for Finance and Planning, told Parliament in Dodoma that the government planned to increase tax collection to 9 billion U.S. dollars in the 2017/18 financial year from 7.5 billion US dollars in the current financial year.

He said the budget framework planned to use 9.9 billion U.S. dollars on recurrent expenditure, 6.5 billion U.S. dollars on development projects and 4.9 billion U.S. dollars will be spent to service national debts.

The minister told the august House that the budget framework will continue to focus on major flagship projects including coal mines and iron ore, special economic investment zones, construction of central railway line to standard gauge, and empowering more youth with vocational training and continuation of the revival of the national airline carrier to boost national coffers.

Mpango said in the budget framework, the government will in 2017/18 borrow from external sources 900 million U.S. dollars and 3.1 billion U.S. dollars from local sources.

Mpango said development partners are expected to inject 1.8 billion U.S. dollars, out of which 284 million U.S. dollars will go directly to general budget support basket.

Hawa Ghasia, the chairperson of the parliamentary budget committee, commended the government's resolve to increase tax collections but she also urged the government to widen non-tax revenues.

The committee also advised the government to protect local industries by raising taxes on all import products such as toothpick, milk, fish, wheat and maize flour, tomato sauce and rice. Endit