DODOMA, Tanzania
The government of Tanzania is planning to spend a total of $3.9 billion (Sh9.09 trillion) on debt servicing during the financial year 2022/23, it has been revealed.
The revelation was made
in Parliament on Tuesday, June 7, 2022, by the minister for Finance and
Planning, Mwigulu Nchemba.
The amount is part of
the $6.4 billion (Sh14.94 trillion) that he requested the Parliament to endorse for his
ministry’s budget for the next financial year that is set to kick off on July
1.
Nchemba (pictured above) said out of the $6.4 billion, some $5.8 billion (Sh13.62 trillion) are meant for recurrent expenditures,
with the rest being channeled into development projects.
In another development, the
minister said the Tanzania Agriculture Development Bank (TADB) is planning to
disburse $33.5 million (Sh78 billion) worth of loans to the manufacturing sector during the
next financial year.
The loan, he explained, will
target particularly those dealing with cooking oil and sugar in Kigoma,
Shinyanga and Manyara Regions.
“The initiative is meant to
narrow the cooking oil and sugar shortage gap in the country,” he told
legislators.
Dr Nchemba further revealed
that the bank was planning to dish out a Sh130 billion loan for the purchase of
cotton and coffee. - The Citizen
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