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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Tanzanian government plans to increase
spending by 3.2 percent in 2019/ 2020 

DAR ES SALAAM Tanzania (Xinhua) -- Tanzanian Minister for Finance and Planning, Philip Mpango, said on Tuesday the government planned to increase its expenditure by 3.2 percent in the 2019/2020 financial year compared to the current financial year.

Mpango was tabling the National Development Plan for 2019/2020 and Guidelines for the Preparation of the 2019/20 Planning and Budget in the National Assembly in the capital Dodoma.

The minister said the government’s expenditure was set to jump to 33.5 trillion Tanzanian shillings (about 14.67 billion U.S. dollars) in the next financial year, above the current fiscal year’s expenditure of 32.47 trillion shillings.

Mpango highlighted that the macroeconomic targets for 2019/2020 was to attain real GDP growth of 7.3 percent in 2019, up from the projected growth of 7.2 percent in 2018.

He said the 2019/20 budget will put more emphasis on building more industries; improving agriculture, livestock and fisheries products, tourism, forests and natural resources.

Mpango said the budget will also focus on improving business and investment environment as well as investing more in education, health, social services, youth and people with disabilities among others.

He said the government will continue improving its relationship with the private sector while enhancing public-private partnership projects thus impacting the social and economic development in the country.

Mpango said in order to increase and strengthen domestic resources mobilization, the government will continue investing more in information, communication and technology in the public sector.

             

 

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