Tanzania spent Sh7.98 trillion servicing domestic, foreign debts in 2018/19
What you need to know:
- The government spent Sh7.98 trillion to service both domestic and foreign debts during the 2018/19 Fiscal year.
Dar es Salaam. The government spent Sh7.98 trillion for servicing its debts from July 2018 to April 2019, Finance and Planning minister, Dr Phillip Mpango told the Parliament.
Dr Mpango made the statement on Thursday, June 13, 2019, when tabling the 2019/20 budget, noting that during that period a total of Sh22.19 trillion including Sh529.25 billion collected from the local governments was disbursed.
“Out of the said amount, Sh16.75 trillion went to concurrent expenditures with Sh6.28 trillion spent on paying salaries to public servants. Sh2.49 trillion of the total funds was used for Other Charges (OCs),” he said.
According to him, the government projected to collect Sh32.48 trillion during the 2018/19 fiscal year of which Sh20.47 trillion for concurrent expenditures while Sh12.01 trillion to fund development purposes.
