MAJORITY Tanzanians may be unaware that the World Bank’s loans, which have stimulated economic growth and reduced poverty in many parts of the world, Africa and Tanzania inclusive, have to be repaid.
The bank assists in key focus areas--raising agricultural productivity, increasing access to affordable and reliable energy, building resilience to climate change, strengthening fragile and conflict-afflicted areas, promoting good quality education and improving infrastructure in needy countries.
So, the receipt of financial assistance by President John Magufuli from the Breton Wood’s institution to develop Ubungo Interchange for Morogoro, Sam Nujoma and Mandela roads where about 60,000 vehicles reportedly pass daily is no small feat. The head of state must have indeed worked hard to win the world’s most powerful financial body to grant the loans.
The visiting World Bank President, Dr Jim Kim has affirmed his personal commitment to work closely with his age-mate Magufuli to propel Tanzania to the development heights of South Korea, his motherland.
One thing to keep in mind is that Tanzania is getting the loans not as right but mere privilege for the chosen few countries. No wonder some rogue countries, with their perceived dictatorial rules are kept off the funds.
We, the citizens, should responsibly own the resources and spend them wisely, protecting the developed infrastructures against sabotage and vandalism because, ultimately, the money will be paid back.
Thousands of youth enter the job market annually, longing for jobs or seeking the right training and skills for self employment. This is one area in which the World Bank has played a critical role, assisting to address the country’s unemployment crisis.
Through Science, Technology, Engineering and Mathematics (STEM) initiative, the bank is assisting in boosting education by matching the acquired skills and employers’ demand. It’s economically healthy to collaborate with wealthy institutions, which are capable of “ploughing back” when we are in difficulties, even if the amount should be paid back with considerable interests.
All Tanzanians, as good citizens, are obliged to maintain peace and tranquillity to deserve more credit facilities towards efforts to pull the country out of the vicious cycle of poverty.
We ought to appreciate the fact that even America and Europe were once like Africa, necessitating the set up of International Monetary Fund and World Bank at the end of World War II to rebuild their crippled economies.