World Bank commends TZ economic growth

 
THE Senior Director of the World Bank Group’s Macroeconomics, Trade & Investment Global Practice (MTI), Dr Felipe Jaramillo has commended the government for recording good performance in improving the country’s economy.

Dr Jaramillo was speaking during his meeting with the Minister for Finance and Planning, Dr Philip Mpanga when he paid him a visit. He said the fifth phase government is doing a good job in building up the economy and increasing revenues through tax collections, which help to invest in various development projects.

He also commended the government for staging war against corruption and ensuring there is proper use of public fund while at the same time increasing efficiency in public service. Moreover, Dr Jaramillo advised the government to invest more in human resource and infrastructure in order to face the world competition and build up progressive economy.

Earlier, Dr Mpango told the WB top official to continue supporting Tanzania to implement its development programmes. He asked the WB to continue supporting the fifth phase government under President John Magufuli so that it can continue implementing various development projects.

The minister also asked the WB to assist Tanzania with 150m US Dollar loan to boost the country’s economic growth. He said the country’s economy has continued to grow at between 6 and 7 per cent for quite some time, which enables the government to continue providing social services and invest in various development projects

. He added that the government is focused on building up an industrial economy and improving the environment of doing business and establishing investments for both local and foreign investors.

According to Dr Mpango, the investors are invited to invest in infrastructure development such as construction of roads, railway, electricity, airports and provide social services such as schools, health and water services.

Apart from economic growth, the minister said still the government faces some challenges, including shortage of employment opportunities, poverty among Tanzanians and slow pace in the growth of agriculture sector, which employs 70 per cent of Tanzanians. He said agriculture sector faces lack of reliable seeds, irrigation infrastructure, reliable market and lack of loans from financial institutions to support the sector.

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