Tanzania's Economy Grew At 4.7 in the Past Year, Says President Samia

Tanzania's President Samia Suluhu Hassan (file photo).

Dar es Salaam — President Samia Suluhu has said outbreak of the Covid-19 pandemic the global economy was adversely affected and Tanzania was not spared therefore declining from 6.9 percent to 4.7 percent.

According to her the country in the next five years needs to focus on putting up more investments and strengthening productive sectors to create more jobs.

"We will take specific steps to promote investment by looking at policies, laws, regulations and to remove clauses that are pushing us back in promoting investment," she said.

She said the government will also continue to improve macroeconomic policies and monetary policy and ensure economic indicators; including currency value, inflation and interest rates remain stable.

"At the same time we will not be ready to tolerate laziness, negligence, theft and misappropriation of public funds. We will take concrete steps to improve the business and investment climate in the country to attract the private sector, "said Samia.

She said the focus will be on restoring investors' confidence and providing incentives for smart investors if it was to facilitate investment quickly.

"In our country there has been bureaucracy when people come to want to invest, the sixth phase government is going to end that and ensure investment is fast tracked," she said.

She also noted that more efforts are needed to boost the economy and fight poverty because despite the gains made the growth rate is still slow.

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