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THE WORLD BANK HAILES TANZANIA FOR MAINTAINING ITS MACRO ECONOMY

12 Apr, 2023
THE WORLD BANK HAILES TANZANIA FOR MAINTAINING ITS MACRO ECONOMY
Minister for Finance and Planning, Hon. Dr. Mwigulu Lameck Nchemba (Mp) (right), with the Executive Director of the World Bank in charge of Africa Group 1 Constituency), Dr. Floribert Ngaruko, when he met and held bilateral talks with the Tanzanian delegation led by Hon. Dr. Nchemba at the Spring Meetings of the World Bank and the International Monetary Fund (IMF), in Washington D.C., in the United States. 
 
The World Bank has praised Tanzania for sound economic management and the implementation of various development projects that receive funds from the institution compared to many other African countries. 
 
The compliments were given by the Executive Director of the World Bank Africa Group 1 Constituency, Dr. Floribert Ngaruko, when he met and held bilateral talks with the Tanzanian delegation, led by the Minister for Finance and Planning, Hon. Dr. Mwigulu Lameck Nchemba, at the Spring Meetings of the World Bank and the International Monetary Fund (IMF), in Washington D.C., in the United States. 
Dr. Ngaruko, who is the new Executive Director of the World Bank in the region, said that Tanzania is a model country in the management of economic and financial policies where, despite the challenges of UVIKO 19 and the ongoing war between Russia and Ukraine, The Bank's assessment it shows that Tanzania's economy is strong compared to other African countries. 
 
"Tanzania is an exemplary country for active management of broad economic issues, not for East African countries, but for African countries, where the average economic growth rate of 5.4 percent is high, and I congratulate them very much," said Dr. Ngaruko 
 
In addition, he praised the strong relationship that exists between Tanzania and the World Bank. He promised that his Bank would continue to support Tanzania in its efforts to develop the economy and remove poverty from its citizens by supporting funds that will be used to implement various economic and social projects as well as providing technical assistance. 
 
For his part, the Minister for Finance and Planning, Hon. Dr. Mwigulu Lameck Nchemba, told the Executive Director of the World Bank in charge of the First Group of African Countries, Dr. Floribert Ngaruko, that Tanzania's economy is getting stronger and that the Government will continue to take essential steps to ensure that the economy is getting stronger and bring relief to the people. 
 
He explained that during the third quarter of the year 2022/2023, the economy has grown by 5.2 percent compared to the growth of 4.8 percent in the same period in the previous fiscal year 2021/2022 and that due to the ambitious plans set by the Government, the economy will grow further to reach the average of more than 6.3 percent in the next few years. 
 
In addition, Dr. Mwigulu Lameck Nchemba thanked the Bank's Board of Directors for approving Tanzania 1.635 billion U.S. dollars in the 20th cycle of IDA (July 2022 - June 2025) for the implementation of 6 development projects in various sectors that are expected to stimulate the economic growth of the country as well as reducing the poverty of the people. 
 
"The Government of the Sixth Phase, under the careful leadership of Hon. Dr. Samia Suluhu Hassan, President of Tanzania, promises that we will manage and use the funds carefully to achieve the intended goals," said Dr. Nchemba.
 
On his part, the Minister of State, Office of the President, Finance and Planning Zanzibar, Dr. Saada Mkuya Salum, thanked the World Bank for supporting the prosperity and development of the people of Zanzibar by financing various economic and social projects, including education and the construction of air transport infrastructure. 
 
"The construction of the infrastructure has promoted the tourism sector, but we still have the challenge of access to reliable electricity, and we believe we will continue to cooperate with your Bank to solve that challenge and other challenges we face," said Dr. Saada
 
Until now, the World Bank has invested more than 7.2 billion U.S. dollars, equivalent to approximately 16.7 trillion Tanzanian shillings, for the implementation of more than 29 projects in Tanzania, of which 24 projects with a value of 6.41 billion U.S. dollars are national, and another 5 with a value of 0.75 billion U.S. dollars are regional. 
 
The end