Tanzania plans bigger budget for new financial year-Xinhua

Tanzania plans bigger budget for new financial year

Source: Xinhua| 2023-11-07 00:48:00|Editor: huaxia

DAR ES SALAAM, Nov. 6 (Xinhua) -- The government of Tanzania on Monday announced a proposed national budget of 47.42 trillion Tanzanian shillings (about 18.94 billion U.S. dollars) in the new financial year that starts July 1, 2024, and ends June 30, 2025.

Tabling the new financial year budget proposal in the National Assembly, the Minister for Finance Mwigulu Nchemba said the budget was 3 trillion shillings higher than the last financial year's budget of 44.39 trillion shillings.

Nchemba told the House in Dodoma, the capital of Tanzania, that 34.43 trillion shillings would be collected from domestic sources, which was an equivalent of 72.6 percent of the entire budget, noting development partners were expected to contribute 4.29 trillion shillings.

Nchemba said the government expected to borrow 6.14 trillion shillings domestically and 2.55 trillion shillings will be sourced from foreign lenders.

The government also plans to improve the general economy by boosting the private sector's participation in business and investment and continue to mitigate risks associated with natural and unnatural factors such as drought, war, epidemics, and floods, said Nchemba.

He added that the government will continue to implement development projects and sustain food security, good governance, unity, peace, and security both within the country and in neighboring nations.