https://en.sputniknews.africa/20230502/tanzania-expects-economic-growth-to-accelerate-to-52-in-2023-1058983960.html
Tanzania Expects Economic Growth to Accelerate to 5.2% in 2023
Tanzania Expects Economic Growth to Accelerate to 5.2% in 2023
Sputnik Africa
Tanzania's economy is expected to grow by about 5.2% in 2023 compared to 4.7% in 2022, Finance Minister Mwigulu Nchemba said in a letter to the International Monetary Fund (IMF).
2023-05-02T13:33+0200
2023-05-02T13:33+0200
2023-08-03T10:44+0200
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Tanzania's economy is expected to grow by about 5.2% in 2023 compared to 4.7% in 2022, Finance Minister Mwigulu Nchemba said in a letter to the International Monetary Fund (IMF).However, the minister outlined that the forecast could be revised downwards later, due to the continuing negative effects of the conflict in Ukraine.The IMF announced that its Executive Board has approved the immediate disbursement of a new loan tranche of $153 million to Tanzania under the Extended Credit Facility arrangement between Dodoma and the Fund in July 2022.The international financial institution also reported that "remarkable progress" has been made in implementing the reforms accompanying the financing program, including the clearance of expenditure arrears and the amendment of the Banking and Financial Institutions Act.With a nominal GDP of $85 billion, Tanzania is Africa's ninth biggest economy. Tanzania is rich in natural resources, which include hydropower, tin, phosphates, uranium, iron ore, coal, diamonds, precious stones, gold, gas and nickel. In addition, the East African nation is among largest gold producers in Africa, with gold exports being one of the key sources of revenue for the country.Despite its natural resource wealth, the economy of Tanzania is based mostly on agriculture, which employs about 80% of workers.
https://en.sputniknews.africa/20230501/africa-to-become-worlds-fastest-growing-economy-mo-ibrahim-foundation-estimates-1058970190.html
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international monetary fund, extended credit facility, finance minister, mwigulu nchemba, executive board, remarkable progress, economic growth, african continent, sub-saharan africa, conflict in ukraine, tanzania's economy, financial institution
international monetary fund, extended credit facility, finance minister, mwigulu nchemba, executive board, remarkable progress, economic growth, african continent, sub-saharan africa, conflict in ukraine, tanzania's economy, financial institution
Tanzania Expects Economic Growth to Accelerate to 5.2% in 2023
13:33 02.05.2023 (Updated: 10:44 03.08.2023) The economy of Tanzania is based mostly on agriculture, as about 80% of workers are employed in the sector, which comprises almost half of the nation's GDP. The country is Africa's ninth biggest economy as well as one of the largest gold miners on the continent.
Tanzania's economy
is expected to grow by about 5.2% in 2023 compared to 4.7% in 2022, Finance Minister Mwigulu Nchemba said in a letter to the International Monetary Fund (IMF).
However, the minister outlined that the forecast could be revised downwards later, due to the continuing negative effects of the conflict in Ukraine.
The IMF announced that its Executive Board has approved the immediate disbursement of a new loan tranche of $153 million to Tanzania under the Extended Credit Facility arrangement between Dodoma and the Fund in July 2022.
The international financial institution also reported that "remarkable progress" has been
made in implementing the reforms accompanying the financing program, including the clearance of expenditure arrears and the amendment of the Banking and Financial Institutions Act.
With a nominal GDP of $85 billion, Tanzania is Africa's ninth biggest economy. Tanzania is rich in natural resources, which include hydropower, tin, phosphates, uranium, iron ore, coal, diamonds, precious stones, gold, gas and nickel.
In addition, the East African nation is among largest gold producers in Africa, with gold exports being one of the key sources of revenue for the country.
Despite its natural resource wealth, the economy of Tanzania is based mostly on agriculture, which employs about 80% of workers.
