Tanzania plans to spend 10.5 tri/- on servicing debt

THE Ministry of Finance and Planning has outlined key priorities to be implemented in the 2023/2024 financial year including collecting 40.8tri/- to finance the execution of the next national budget.

However, the government expects to spend an estimate of 43.3tri/-in the 2023/2024 budget.

Tabling the 15.94tri/- spending plan for the Ministry for the 2023/2024 financial year, Minister in charge of the docket Dr Mwigulu Nchemba said that out of the funds, a total of 10.48 tri/- will be used to service the government debt.

“In the 2022/23, a total of 9.1tri/- was allocated to service the government debt and until April 2023, the ministry had paid a total of 7.4tri/- where 4.4tri/- is internal debt and 3tri/- is external debt,” he said.

Dr Nchemba said the Ministry continues to oversee the government budget by abiding by the Government Loans, Guarantees and Grants Act Chapter 134.

“In order to have proper information on control of the government debt the government conducted an evaluation on sustainability of the government debt in the next 20 years from 2022/2023 to 2041/2042,” Dr Nchemba said.

 

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