How TZ, Z’bar address economic shocks 

ZANZIBAR President Dr Hussein Mwinyi has said that both Isles and Union governments will rely on available resources to mitigate social and economic shocks caused by Covid- 19 and Russia- Ukraine war.

Equally, he urged for joint efforts from both development partners and the government for effective cooperation and to revive opportunities that have been infringed.

“As we are all aware, the Russia – Ukraine war has rocked the global economy resulting into inflated consumer prices in multiple countries around the world,” Dr Mwinyi said in his speech read on his behalf by First Vice President Othman Masoud Othman.

The VP presented the speech at the ‘Strategic Dialogue Meeting between the Union and Zanzibar governments and development partners held here yesterday.

“Tanzania and Zanzibar have been hit by the effects of Covid 19 and Russia – Ukraine war which subsequently increased commodity prices, decreased production and hence overall economic slow-down. You might understand how economies which depend largely on tourism like that of Zanzibar have been negatively and significantly affected,” President Mwinyi said.

He said isles economy went down to 1.3 per cent from an average of 7 per cent; there has been also limited ability to implement some social projects due constrained budgetary measures that have been largely used to address the situation.

Dr Mwinyi informed the gathering that Tanzania and Zanzibar have been highly hit by Ukraine-Russia war as they both depend on foreign investments and support from development partners.

Besides many efforts being initiated by development partners to assist Tanzania, our nation still need your support.”

This meeting is a backbone transmission network for both our country and development partners,” he said.

He was optimistic that the success of the meeting holds significance in improving good governance and provision of overall socio-economic well-being of the citizens through modernisation of all aspects of the national economy. “Tanzania promises to work closely together with development partners to achieve our mutual objectives,”

The Isles President said that both governments are highly committed in the partnership and will continue to offer a good environment for all Development Partners for sustainable results.

“Usually, this meeting is held in February; however, due to tight schedules that were constituted by National Budget preparations, we were obliged to move this meeting to August. However, we strongly anticipate that high level engagement in November shall still be held as scheduled,” he said.

The Zanzibar Minister of State- Finance and Planning Dr Saada Mkuya Salum said the two days’ deliberations were based on Economic performance of Tanzania which is focused on the five-year Development Plan and Zanzibar’s Zanzibar Development Plan- ZADEP.

She said the main objective of the Strategic Dialogue is to improve resource mobilization, allocation and application to support government operations among others, but most importantly to continue strengthening development cooperation between the United Republic of Tanzania and both bilateral and multilateral institutions working with Tanzania and potentially to those who have not yet established their operations significantly.

Dr Saada explained that in a majority number of countries that have held Strategic Dialogues, parties focus on common interests and shared values, have managed to reaffirm the dedicated bilateral relationships between nations and Development Partners, enhance joint commitments and cooperation in broad range of topics such as fostering education, economic prosperity as well as people to people exchanges.