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PROPOSED BUDGET IN TANZANIA SHARPENS FOCUS ON INDUSTRY - FINANCIAL-24

A new draft budget released in Tanzania last month emphasises capital projects as a means to further boost industrial activity in what is already one of Africa’s fastest-growing economies.

The draft budget for FY 2017/18, tabled on June 9 by the Ministry of Finance and Planning (MoFP), aims to raise real GDP growth to 7.1% in 2017, up from 7% the previous year, while shrinking the budget deficit from 4.5% to 3.8% of GDP, and keeping inflation within the targeted band of 5-8%.

A country of 52m, Tanzania remains one of the strongest-performing economies in the six-member East African Community, with the IMF forecasting GDP growth of 6.7% this year on the back of robust industrial growth.

Government support for local industry

Under the theme of “Industrialisation for Job Creation and Shared Prosperity”, the government’s new TSh31.7trn ($14.2bn) spending proposal outlines flagship projects such as building a new standard-gauge railway line, revitalising state carrier Air Tanzania, setting up special economic zones to draw industrial investors and developing a $30bn liquefied natural gas plant in partnership with international oil majors.

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