- Tanzanian government earmarks Sh10.48 trillion ($4.4 billion) for debt repayment in fiscal year 2023–2024, a 15% increase from the previous year.
- The Finance Minister emphasizes the need for borrowed funds to be spent on development projects to maximize economic benefits.
- Debt analysis confirms Tanzania's sustainable financial outlook, with a debt-to-GDP ratio of 31.8% well below the maximum threshold of 55%.
For the fiscal year 2023–2024, the Tanzanian government has set aside a staggering Sh10.48 trillion ($4.4 billion) to pay down the country's debt. The sum represents a 15% increase over the Sh9.1 trillion that the Parliament had previously approved for paying the loans that the government had obtained in the current (2022–2023) fiscal year from a variety of sources.
Finance and Planning Minister Dr. Mwigulu Nchemba stated that a total of Sh10.48 trillion will be used to service the nation's debt as he asked the Parliament to approve a budget of Sh15.94 trillion for his ministry for the fiscal year 2023–2024.
The Treasury has received Sh2.854 trillion in overall funding, while "other services" have received another Sh2.315 trillion in funding.