In a significant move, Saudi Arabia is poised to enter into agreements worth SR2 billion ($533 million) with various African countries. This announcement was made by the Kingdom’s Finance Minister, Mohammed Al-Jadaan, during the Saudi-Arab-African Economic Conference in Riyadh. These agreements will be facilitated through the Kingdom’s Fund for Development and will encompass a diverse...
Tanzania’s trade landscape witnessed noteworthy shifts between 2021 and the anticipated trends for 2023. Over this period, exports of goods and services surged by 43%, underscoring Tanzania’s effective expansion into international markets. In contrast, imports soared by 61%, surpassing the export growth rate and exacerbating the trade deficit. The balance of payments, reflecting the difference...
President Samia Suluhu Hassan has dissolved the Tanzania Communications Regulatory Authority (TCRA)’s Board of Directors. The TCRA board, previously chaired by Engineer Othman Sharif Khatib, was officially dissolved on November 7th, 2023. The statement issued by the Directorate of Presidential Communications early Tuesday states the President appointed Ambassador James Bwana to represent Tanzania in South...
In a comprehensive review, the statement provides valuable insights into Tanzania’s economic trajectory and the effectiveness of its monetary policies. The Monetary Policy Committee (MPC) noted the successful implementation of a less accommodative monetary policy, maintaining liquidity at appropriate levels throughout August, September, and October 2023. This, coupled with supportive fiscal and structural policies, has...
In a significant diplomatic exchange, Tanzania’s Minister of Foreign Affairs recently held a crucial conversation with Israel’s Foreign Minister, Eli Cohen, regarding the disappearance of two Tanzanian students and the ongoing conflict in the region. The dialogue, conducted via official channels and social media, saw the Israeli Foreign Minister, Eli Cohen, express his personal commitment...
In a recent development, Uganda has made a significant decision to opt for Tanzania’s Dar es Salaam port as its primary hub for oil imports, a move that has generated considerable attention and discussion. This decision comes on the heels of a diplomatic disagreement between Uganda and Kenya, resulting in a fallout that prompted Uganda...
Cargo handling at Lake Victoria ports increased to 79,000 tonnes in the first quarter of the current fiscal year, surpassing the target of 77,000 tonnes. This growth can be attributed to increased business activities among East African member states, as stated by Mr Francisco Mwanga, the Lake Victoria Ports’ Operations Officer, during an event welcoming...
Tanzania has demonstrated robust economic growth in the first and second quarters of this year, with a growth rate of 5.4 percent and 5.2 percent, respectively. According to the Monetary Policy Committee (MPC) Meeting Statement released by the Central Bank, this growth is expected to reach 5.3 percent by the end of the year. The...
Tanzania’s foreign currency situation is expected to continue improving, thanks to various factors. Foreign exchange inflows from tourism, export crops, and minerals, along with measures implemented by the Bank of Tanzania (BoT) and the government, contribute to this positive trend. According to the latest statement from the Monetary Policy Committee (MPC) released by the Central...
The Minister of Health, Ummy Mwalimu, has stated that due to the uniqueness of Universal Health Insurance for All, the Ministry of Health, in collaboration with the Ministry of Finance, has proposed various sources of income to sustain the fund. These sources include a portion of revenue from taxes on carbonated beverages, alcoholic drinks, cosmetic...