Tanzania: State Approves 100bn/ - to Stablize Fuel Price

The government has approved a concession grant amounting to 100bn/- to cuision the skyrocketing price of fuel and offer relief to the nationals currently battling with increasing inflation.

Energy Minister Mr Januari Makamba revealed the short-term plan in the National Assembly on Tuesday attributing it to fresh instruction by President Samia Suluhu Hassan.

"President Samia Suluhu Hassan has instructed that before we get to the new financial year, the government should disburse a total of 100bn/- to reduce the oil prices in the country," Minister Makamba Parliamentarians today.

Mr Makamba added that the grant will not affect ongoing government projects in the country while saying that the move is a short-term measure to reduce the price of oil before the new financial year.

In addition, he said the government is in the process of securing a loan from both the International Monetary Fund (IMF) and the World Bank (WB) to curb the rise in oil prices during the next fiscal year.

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