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Tanzania's government debt rises by Sh10 trillion

Minister of Finance and Planning, Dr Mwigulu Nchemba tables the state of the nation’s economy and national development plan in Parliament on June 15, 2023. PHOTO | EDWIN MJWAHUZI

By  Bethsheba Wambura

Engagement Assistant

Mwananchi Communications Ltd

What you need to know:

  • The rise of the debt is equal to the increase of 13.9 percent compared to the same period in 2022

Dar es Salaam. Tanzania’s government debt has reached Sh79.1 trillion up from 69.44 trillion in 2022, the minister of finance and planning, Mwigulu Nchemba has said.

The rise of the debt is equal to the increase of 13.9 percent compared to the same period in 2022 with the external debt account ting for Sh51.16 billion whereas the internal debt stood at Sh27.9 billion.

Nchemba was speaking on June 15, 2023 during the presentation of his report for 2022/23 state of the nation’s economy and national development plan in Parliament, Dodoma.

Related

According to the minister the increase in national debt was due to loans for financing development projects including the construction of road infrastructure, railways, airports, electricity, education and health.

However, he said that while the debt increased the evaluation report held in December, 2022 shows the debt was still sustainable in the short, medium and long term based on international measures.

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