Friday, June 15, 2018

Tanzania to Stimulate Industrial Economy in 2018 Financial Year
2018-06-14 21:32:17

DAR ES SALAAM, June 14 (Xinhua) -- The Tanzanian government on Thursday outlined five priority areas and development projects for the 2018 financial year, focused on construction of industries to foster economic growth.

Presenting the economic survey report for 2017 and the national development plan for 2018 in parliament, the Minister for Finance and Planning, Philip Mpango, said the plan will also focus on creating an enabling environment for doing business in Tanzania and human resource development.

He said 12 trillion Tanzanian shillings (about 5.3 billion U.S. dollars), equivalent to 37 percent of the total budget for the upcoming 2018 fiscal year, have been allocated for implementation of the outlined development plan and projects.

An amount of 9.8 trillion shillings will be sourced locally while 2.1 trillion shillings will come from foreign sources, Mpango said.

Mpango said the core objective of the government will be to establish industries that utilize locally available agricultural raw materials, minerals and natural gas.

The minister said that to ensure an enabling environment for doing business, emphasis will be focused on construction and rehabilitation of infrastructure including airports, railways, roads, bridges and ports.

Editor: Shi Yinglun

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