Tanzania’s national debt reaches 91.7tri/-

DODOMA: By March 2024, Tanzania’s national debt had surged to 91.7tri/-, up from 77tri/- reported the previous year.

This marks a 19.1 percent increase, according to the Minister for Planning and Investment, Professor Kitila Mkumbo.

“The increase in debt is attributed to the government’s continued receipt of funds from existing and new loans to finance development projects, including infrastructure such as roads, railways, airports, electricity, and water,” Prof Mkumbo informed lawmakers while presenting a National Economic Status Report for the year 2023 in Dodoma on Thursday morning.

ALSO READ: National debt stock in modest decline

The report indicates that domestic debt amounted to 30.7tri/-, while external debt stood at 60.9tri/-.

As of March 2024, commercial banks held 42.0 percent of the domestic debt, up from 34.8 percent in the same period last year. Social security funds held 33.9 percent, followed by individuals at 11.3 percent, and insurance companies at 7.6 percent.

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