Tanzania’s national debt hits Sh69.44 trillion mark

Tuesday June 14 2022
Mwigulu bungen

The minister of finance and planning, Mwigulu Nchemba handing over of his report for 2020/21 state of the nation’s economy and national development plan in Dodoma. PHOTO | EDWIN MJHWAHUZI

By Bethsheba Wambura

Dodoma. Tanzania’s national debt has reached Sh69.44 trillion from Sh60.72 trillion in 2021, the minister of finance and planning, Mwigulu Nchemba has said.
The country borrowed Sh8.7 trillion in past year which is equivalent to 14.4 percent increase.
Nchemba was speaking on June 14, 2022 during the handing over of his report for 2020/21 state of the nation’s economy and national development plan in Dodoma.
According to the minister the increase in national debt was due to receiving of soft loans for financing development projects.
“Another reason for debt increase was due to the release of special bonds worth Sh2.18 trillion for the funding of the Public Service Social Security Fund (PSSSF) debt derived from staff contributions before 1999,” he said.
However, he said that while the debt increased the evaluation report held in November, 2021 shows the debt was still sustainable in the short, medium and long term based on the international measures.