Tanzania's National Debt Reaches Sh60.9 Trillion

The finance minister has said the national debt that increased by 2.35 per cent during the last twelve months is sustainable.

Dar es Salaam — Tanzania's national debt has reached Sh60.9 trillion as of April 2021, this was said by the Minister of Finance and Planning, Dr. Mwigulu Nchemba.

Explaining, he said that out of these, the external debt stood at Sh43.7 trillion and the domestic debt was at Sh 17.3 trillion, which mainly was due to the receipt of loan funds to finance development projects.

Dr. Mwigulu said this today, June 10, 2021 while presenting to parliament the report of the state of the national economy for the financial the year 2020 and the national development plan for the financial year 2021/2022.

"The government's debt sustainability assessment report conducted in 2020 showed that our debt is sustainable in the short, medium and long term period" said Dr Mwigulu.

Commenting on the strength of the shilling against major global currencies especially the US dollar, Dr Mwigulu said the shilling has remained stable.

"The US dollar was exchanged at an average of Sh2298.5 in April 2021 compared to 2291.3 in April 2020, the stability of the shilling is due to the various actions taken by the Government in the management of monetary policy and budget in the trade of goods and services, but also in transfer of assets abroad and the positive trend of some of the various economic and social activities,"said Dr Mwigulu.

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