Eight major risks to Tanzania's economic growth in 2018/19

Thursday June 14 2018

Finance and Planning Minister, Dr Phillip

Finance and Planning Minister, Dr Phillip Mpango.  Photo| Edwin Mjwahuzi 

By Samuel Kamndaya @TheCitizenTZ news@tz.nationmedia.com

Dodoma. Tanzania’s economic growth plans could be affected by eight major factors, the government said on Thursday, June 14, 2018, calling upon stakeholders to team with it (the government) and come up with mitigation measures.

The factors, according to the Finance and Planning Minister, Dr Phillip Mpango, are classified into internal and external ones.

“The internal risk factors are: inadequate funds; land ownership conflicts; inadequate participation of the private sector; high rate of population growth; environmental degradation and climate change,” he told the Parliament.

Dr Mpango was peaking while presenting the Economic Survey Report for 2017 and the National Development Plan for 2018/19 in Parliament.

The external risk factors, according to Dr Mpango, include regional and global economic and political shocks; natural calamities and spatial politics that can breed wars and conflicts.

To cushion the economic growth plans against internal and external risks, Dr Mpango said the government will embark on deliberate measures to increase revenue collection.

It will also collaborate with various stakeholders to come up with innovative sources of finance and strengthening financial and management discipline in the implementation phase.

“In addition, the government will continue to strengthen its dialogue with the private sector in order to increase investment, boost production and combat environmental degradation,” said Dr Mpango.