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Development partners  role crucial- Nchemba

Development partners role crucial- Nchemba

GRANTS and concessional loans from development partners are estimated at 2.96tri/- , equivalent to 8.1 percent of the total budget.

Tabling the 2021/22 budget estimates at the National Assembly in Dodoma, the Finance and Planning Minister Dr Mwigulu Nchemba said out of the amount, 2.67tri/-will be through the project financing and 282.3bn/- through Basket Fund financing.

“I would like to thank the Development Partners for their continuous support in implementation of various development projects and programmes in the 2021/22 budget,” he said.

The government plans to borrow 7.34tri/- from domestic and external sources on commercial terms of which, 2.35tri/- will be sourced from external sources for implementation of development projects. The government also intends to finalise the sovereign credit rating process to facilitate access to international financial markets through issuance of sovereign bonds or Eurobonds.

The rating will enable the country to gauge her position in the international financial markets and assist prospective lenders in the assessment of the risks. The rating is also expected to widen lenders base.

Dr Nchemba said access the global Eurobond market, Tanzania requires an official credit rating that the global Eurobond market which is estimated to have more than 30 trillion US dollars available for the countries, seeking financial resources through loans from highly liquid international capital markets to finance development projects.

This approach is also used by international organizations such as the World Bank and the African Development Bank to fund their projects around the world. In addition, some sub[1]Saharan African countries that are doing well economically have been using the Eurobond as a source of financing.

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