Tanzania affirms partnership with commercial banks in expanding lending windows for its youths
DODOMA: THE Tanzanian government has said it will continue collaborating with commercial banks in the country to promote the establishment and expansion of special lending windows and credit products targeting young people, enabling them to access capital to start and expand businesses, increase production and create jobs.
Responding to a question from Bahi Member of Parliament Kenneth Ernest Nollo, who wanted to know when the government would start presenting annual reports to Parliament on revenues generated from large-scale mining, oil and gas operations, Munde said the information was already being disclosed through various channels in accordance with the Extractive Industries (Transparency and Accountability) Act.
She explained that Section 16(1) of the Act requires the Tanzania Extractive Industries Transparency Initiative (TEITI) Committee to publish an annual report showing reconciliation between revenues paid by companies in the extractive sector and those received by the government.
She added that the reports are also presented to Parliament by ministers responsible for the respective sectors when tabling their ministries’ revenue and expenditure estimates.
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“The government is continuing to improve public access to this information, including access by this Honourable House, in order to promote transparency and accountability,” Munde said.
She further noted that the reports would also include government revenues generated through the Free Carried Interest (FCI) arrangement, which involves companies that have signed mining development agreements.
The move is aimed at strengthening the management of national resources and ensuring that revenues from mining, oil and gas activities are disclosed to Parliament and the public.
