Dar es Salaam — Zanzibar is raising its development budget by a cool 44.7 percent as President Hussein Ali Mwinyi's administration seeks to put the country on the right path to achieving its much-touted goal of building a blue economy.
Dr Mwinyi, who was elected Zanzibar's eighth president last October, argued for the blue economy model as the best way to develop the fortunes of the semi-autonomous archipelago during election campaigns.
The 'Blue Economy' concept was first highlighted at the United Nations Conference on Trade and Development (Unctad), held in Rio de Janeiro in Brazil in 2012.
Unctad defines the 'Blue Economy' as including economic and trade activities that focus on the ocean-based marine environment, associated biodiversity, ecosystems, species, and genetic resources while ensuring conservation.
Tabling the administration's maiden budget, broadcast live on various platforms, in the House of Representatives yesterday, Finance and Planning Minister Jamal Kassim Ali said development budget during the 2021/22 financial year will rise by Sh272.9 billion to reach Sh882.8 billion from Sh609.9 billion in the financial year 2020/21.
In total, the government hopes to collect and spend a total of Sh1.829 trillion during the coming financial year, from Sh1.579 trillion during the 2020/21 financial year.