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UK Government Commits £350 Million To Support Tanzania’s Economic Development

The UK government in a recent visit to Tanzania announced its commitment to help support the government of the African country improve the quality of basic services; fight organized crime and corruption; and increase economic growth and investment.

Tanzania, being the second largest economy in East Africa has been transitioning from a command economy to a market economy since 1995, increasing its GDP by a third to $41.33 billion after rebasing the economy in 2014.

Almost £350 million ($450 million) has been dedicated by the key investor and development partner, UK, to help build a more secure and prosperous Tanzania over the next three years.

“This support will help to strengthen businesses and trade, which will create more jobs for young Tanzanians”, says the United Kingdom’s Minister of State for Africa, Rory Stewart MP, during the Minister’s visit to the country’s State House where he met with President John Magufuli and discussed how Tanzania and the UK work together for shared future prosperity.

Mr. Stewart added that “the UK is committed to investing in Tanzania’s next generation through our support to education, and our work creating jobs and boosting businesses and the UK will also support the Government of Tanzania to improve education and health services, provide access to clean water, as well as fight organized crime and corruption”.

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The support will help to strengthen businesses and trade, which will create more jobs for young Tanzanians. “Young people are the key to unlocking Tanzania’s potential and UK government is committed to investing in Tanzania’s next generation through our work creating jobs and boosting businesses, in addition to programmes run through the British Council and our prestigious Chevening Scholarships”, says the British MP.

Despite witnessing downward gears in its economy in 2016, Tanzania’s manufacturing, construction and financial sectors have expanded robustly, compounded by healthy GDP growth that came in at 5.7% in Q1, almost matching Q4’s 5.6%, as an outcome of a swell in mining and quarrying, with the production of salt, gold, copper and coal leading the way, the economy is growing robustly as external sector continues to improve, with the current account deficit almost halved in the twelve months through May. Bottleneck

The prospects of the economy, according to World Bank, depends on investing in infrastructure; improving the business environment; increasing agricultural productivity and value addition; improving service delivery to build a healthy and skilled workforce; and better managing urbanization.

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