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Tanzania ready to work with private sector towards economic development

Xinhua, January 22, 2017 Adjust font size:

Tanzanian Minister for Finance and Planning Phillip Mpango on Saturday pledged to work closely with the private sector to accelerate economic development in the east African country.

"The private sector has immense contribution towards economic development through industrialization and trade," said Mpango during talks with the International Monetary Fund (IMF) Country Director for Tanzania, Bhaswar Mukhopadhway.

Mpango said the economic development of any country heavily depended on a strong private sector that operated in a peaceful environment.

For his part, Mukhopadhway said the IMF was very much impressed with Tanzania's sound economic growth among African countries.

He mentioned factors that contributed to Tanzania's sound economic growth as improved revenue collection, control on inflation rate and the fight against corruption.

On January 10, the IMF said Tanzania's macro-economic performance remained strong.

"Economic growth was robust during the first half of 2016 and is projected to remain at about 7 percent this fiscal year," said the IMF in its fifth review under the policy support instrument for Tanzania.

The IMF said in a statement that inflation in the east African nation came down below the authorities' target of 5 percent and was expected to remain close to the target.

However, the IMF warned that there were risks that could adversely affect economic growth going forward, arising from the currently tight stance of macro-economic policies, the slow pace of credit growth that may become protracted, slow implementation of public investment, and private sector uncertainty about the government's new economic strategies.

The statement said while progress in structural reforms identified under the program has been generally slow, the Tanzanian authorities have recently stepped up efforts to advance them.

They include measures taken to strengthen public financial and debt management, modernize the monetary policy framework, and improve monitoring of parastatal enterprises, said the statement adding that the authorities have committed to further reforms in these areas. Endit