Mpango assures banker on economy

Dodoma. Finance and Planning Minister Philip Mpango has reiterated that the economy is on the right track, citing the single-digit inflation over the past six months and on-going projects driving industrialisation.

The minister noted the fifth phase administration’s achievements yesterday when he met with the assistant managing director of Barclays Bank, Africa Region, Mr Peter Matlare, over government’s plan to secure a low-interest loan to enable it to finance major projects like the construction of the standard gauge rail (SGR).

Apart from the central corridor SGR, another mega-project is the Stiegler’s Gorge power project.

The projects will steer the country into a middle income economy through industrialisation.

Dr Mpango informed the official that the government had stabilised the economy by controlling inflation to single digits of 5.3 per cent in the past six months.

“We’ve invested in education, water, agriculture, health, mining, trade and infrastructure. Within a short period of two years, more than 80 industries have been constructed in Mkuranga District, Coast Region, as a result of opportunities created by the natural gas pipeline that will be built in the area and its proximity to Dar es Salaam Port,” the minister said.

Dr Mpango also noted that the construction of the SGR in the central corridor would ease transportation of people and cargo to and from neighbouring countries, a situation that would mean rapid regional economic development.

Mr Matlare hailed the government for better management of the country’s economy, which had ensured an annual growth of 7 per cent, saying the country is exemplary in Africa.

“Tanzania is examplary to Africa and the world for overseeing an economy that is inclusive, vibrant and beneficial to all,” he said.