- President Ruto's Vision of Affordable Housing Projects Taking Shape in Kenya
- Ethiopia Receives $720 Million in Funding for Road Construction Project
- $3.24 Billion to be Invested in Tanzania SGR Construction by Spain
- Ksh700 Billion to be Invested to Complete Pending Kenyan Road Projects
- $13.8 Billion Kenya-Ethiopia Railway Construction Plans Resume
- Lake Victoria Basin Project Receives Sh355 Million for Phase II Constructions
- Zanzibar Signs a USD 428 Million Agreement to Expand Pemba Airport
- Tanzania government plans to construct 2000 kilometres of roads in 2023
- Project to Build a Dual Carriageway on Kiambu Road in Kenya
- Kasanga port in Tanzania to expand capacity
Tanzanian economy expected to grow rapidly in 2018-19
President John Magufuli's government has pledged to increase public investment in infrastructure projects, including a standard gauge railway, new roads, power plants and expansion of port facilities.
The President said that Tanzania plans to invest around $6 billion over the next five years in its agriculture sector, which is a mainstay of the economy.
The Minister for Finance of Tanzania said on Monday that the economy is expected to grow by 7.2 percent in 2018, up from around 7.1 percent last year, and the fiscal deficit will increase on the back of higher infrastructure spending.
Economic output in the East African nation is expected to be boosted by positive activity in the key mining, construction, transport and communications sectors.
In a special address to the parliament, finance and planning minister, Mr. Philip Mpango said that the inflation rate in 2018 would be curtailed within single digit levels. Tanzania's inflation stood at 3.8 percent year-on-year in April, slightly down from 3.9 percent a month earlier.
The overall budget is expected to rise to 32.5 trillion shillings ($14.29 billion) in the 2018/19 fiscal year, a 2.4 percent increase from the previous year, Mpango said. The private sector is expected to contribute 60 percent of the funds for the Agricultural Sector Development Programme Phase II, with the balance coming from the government and development partners.
Posted on : 25 Oct,2018
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