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MIDDLE INCOME STATUS: President Magufuli applauds financial sector role

PRESIDENT John Magufuli has commended the Bank of Tanzania, commercial banks and the financial sector for their contributions, which enabled Tanzania to join the league of middle income economy countries.

His Excellency passed his congratulations during a telephone conversation with the Bank of Tanzania Governor, Prof. Florens Luoga, on Thursday (July 2, 2020).

According to a press statement issued by the Central Bank’s Public Relations and Protocol Department, Mr President asked the Governor to convey his commendations to all staff of the BOT, the banks and the financial sector in general, urging them to continue working hard and professionally for national development.

On July 1, 2020, the World Bank declared Tanzania as a lower middle income economy.

“The World Bank classifies a country to have attained that position if its average per capita income is between US $1,036 and $4,045,” the statement added.

Among other things, the vision seeks to enable the country become a middleincome country, consolidate patriotism, nationalism and strengthen national cohesion.

Factors that contributed to the new achievements include peace and tranquility, consistent plans and solid commitment to implement the plans.

Other factors include leadership ethics, bold decision making and investing in self-reliance.

Instilling discipline in public spending, such as curbing foreign trips, medical referrals abroad and conference expenses, investing much in human development by improving access to social services, education, water, transportation, health and electricity also form part of the reasons.

It is under the fifth phase government when the public witnessed strategic projects being implemented, helping to create more jobs.

The strategic mega projects include the Julius Nyerere Hydropower Project and the central line Standard Gauge Railway (SGR), which have employed more than 10,000 Tanzanians,” he noted.

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Author: DAILY NEWS Reporter

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