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...
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...
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...
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...
The Tanzanian government recently disbursed $30 million (TZS 76.5 billion) to Winshear Gold Corp as part of an out-of-court settlement, resolving an investment dispute with the Canadian company. Winshear had initiated legal action at the International Centre for Settlement of Investment Disputes (ICSID), seeking approximately $100 million in damages resulting from the Tanzanian government’s cancellation...
In a significant development, India and Tanzania have strengthened their historic friendship by establishing a Strategic Partnership. The two nations, Prime Minister Narendra Modi of India and President Samia Suluhu Hassan of Tanzania, commemorated this momentous occasion at the MoU exchange program held at Hyderabad House in Delhi. Prime Minister Narendra Modi’s Remarks: Prime Minister...
President Samia Suluhu Hassan of Tanzania is set to engage in a bilateral dialogue with Prime Minister Narendra Modi in New Delhi today. This meeting will involve the exchange of Memoranda of Understanding (MoUs) covering various areas of collaboration between the two nations. President Samia Suluhu arrived in New Delhi yesterday for a four-day State...
In a significant diplomatic move, the President of the United Republic of Tanzania, Her Excellency Samia Suluhu Hassan, is poised to embark on an official visit to India from October 8th to October 11th, 2023. This visit comes in response to an invitation extended by the President of the Republic of India, Her Excellency Droupadi...
The President of the United Republic of Tanzania, Samia Suluhu Hassan, attended the Doha International Horticulture Expo 2023 in Qatar, which is set to run from October 2, 2023, to March 28, 2024. This visit is part of President Samia Suluhu’s ongoing efforts to open up Tanzania to economic diplomacy, fostering opportunities for local producers...
Making history Tanzania is making a historical leap for her economy, where, for the first time in 62 years of independence, the Central Bank of Tanzania (BOT), has opened a gold reserve that will be purchasing gold locally from local miners. Now, the country will not only rely on foreign currency reserves, as it has...