Sumitomo Mitsui Financial Group Inc., a Japanese bank, has stated that it is not providing financing for an oil pipeline project in East Africa, joining the ranks of financial institutions distancing themselves from the controversial venture. During a media briefing on Tuesday, Chief Sustainability Officer Masayuki Takanashi clarified the bank’s position, saying, “We are not...
Tanzania’s government has allocated an additional Sh195.65 billion towards its fertilizer subsidy program, bringing the total expenditure to Sh345.647 billion as of April 2023. The move was prompted by high demand from farmers. President Samia Suluhu Hassan first introduced the program in the 2022/23 season and aims to increase productivity and efficiency in the agricultural...
Tanzania’s President Samia Suluhu Hassan has witnessed the signing of agreements that will provide telecommunication services to 8.5 million people who currently have no access to network services. Under the state-run Universal Communications Service Access Fund (UCSAF), five telecommunication companies will partner with the government to build 758 new towers worth Sh265.3 billion in 713...
The personal Doctor of Bernard Membe’s family, Profesa Harun Nyagori, has clarified the cause of the veteran politician’s death, stating that he was not killed but died due to a sudden lung infection that caused blood clotting. According to the doctor, Membe’s death was attributed to an infection of the respiratory system. Profesa Harun Nyagori...
Tanzania’s foreign currency reserves have decreased from $5.581 billion in March 2022 to $5.012 billion in March 2023. This decline can be attributed to various factors, such as the ongoing war in Ukraine and the effects of the COVID-19 pandemic, which have significantly impacted global commodity prices. In addition, the country’s current account deficit has...
Leaders from the Southern African Development Community (SADC) came together on May 8, 2023, at an Extraordinary Organ Troika Summit (EO-OTS) in Windhoek, Namibia, to discuss the prevailing security situation in the Eastern Democratic Republic of Congo (DRC). Attendees included Heads of State and Government from Angola, DRC, Malawi, Namibia, South Africa, Tanzania, and Zambia....
China is reportedly taking over financing the East African Crude Oil Pipeline (EACOP) project as major lenders withdraw due to pressure from climate activists to abandon the project. The project, which involves the construction of a 1,443 km crude pipeline from western Uganda to the Indian Ocean coast of Tanzania, has faced delays due to...
Yanga football club has been fined a total of USD 35,000 (over TZS 82 million) by CAF for various infractions during their quarterfinal match against Rivers United from Nigeria. The match took place on April 30, 2023, at the Mkapa Stadium in Dar es Salaam, and Rivers United complained one day before the match after...
External Sector Performance The economy’s external sector was still affected by the lingering impacts of previous shocks, such as the Ukraine war and the Covid-19 pandemic, which greatly affected global commodity prices. This resulted in a significant increase in the current account deficit due to high import costs. The balance of payments also showed a...
Tanzania’s large Oil & Gas company, Swala Tanzania Plc, has regretted announcing that it has started its liquidation process. Following the meeting of its creditors, who represent approximately 75% of its creditors, the meeting Mar 31, 2023, resolved that the Oil and Gas firm should be placed in liquidation. Swala Oil and Gas (Tanzania) plc...