NPC eyes innovative financing for inclusive growth

DODOMA: THE Executive Secretary of the National Planning Commission (NPC), Dr Fred Msemwa, has underscored the need for deploying innovative financing mechanisms including venture capital, strengthened startup ecosystems and enhanced private-sector participation as a key driver of Tanzania’s inclusive economic transformation.

Dr Msemwa made the remarks in Dodoma yesterday during a meeting with the United Nations Development Programme (UNDP) Resident Representative, Mr Shigeki Komatsubara, who paid a courtesy call to explore potential areas of collaboration between NPC and UNDP.

He said that the government is currently undertaking fundamental policy and structural reforms to remove barriers to the implementation of DIRA 2050, which aims to steer the nation toward a 1 trillion US dollar economy by 2050.

“Active private-sector participation, coupled with comprehensive policy and structural reforms, is critical to achieving an economy that is inclusive for all Tanzanians,” he said.

Dr Msemwa added that several priority sectors such as agriculture, tourism, sports, logistics, mining and energy have been strategically selected to accelerate economic transformation and generate substantial employment opportunities, particularly for young people.

For his part, Mr Komatsubara stressed the importance of adopting a holistic approach to structural transformation and maintaining focus on long-term development goals.

“NPC plays a crucial role. Coming from Japan, I have seen how such transformations are necessary to build an equitable and inclusive economy through the implementation of a national vision,” said Mr Komatsubara, adding, “Happiness and well-being are essential for every citizen.”

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The National Planning Commission was established under the National Planning Commission Act, Cap 127, among other roles and functions, to coordinate economic management, development planning and the implementation of the approved development plans.

The National Planning Commission operates under the Commission and led by the President, which serves as the highest advisory body to the Government on matters of economic management and development planning.

In addition to other responsibilities, the National Planning Commission is tasked with formulating long-term, medium-term and short-term national development plans.

Furthermore, the Commission has the responsibility of monitoring the implementation of development plans, including flagship and strategic projects, for the advancement of national development.

Also, the Commission is responsible for preparing the National Development Vision, which serves as a guiding framework for the country’s development planning