Tanzania | - Part 2

Tanzanian finmin says shilling to stabilise on loan inflows

DAR ES SALAAM (Reuters) – Tanzania’s shilling is expected to stabilise in the next few days after it broke through a series of record lows against the dollar, the finance minister said. The shilling has lost 15 percent of its value against the greenback this year, mainly due to a firmer dollar and lower prices of gold in global markets. The currency of east Africa’s second largest economy traded the shilling at 1,988/1,998 per dollar…

Tanzania revives plans to float its debut USD 700m Eurobond to fund key projects

Posted on by The Editorial Team

Tanzania has revived its plan to float a debut TZS 1.1tn (USD 700m) Eurobond to fund infrastructure projects, especially in the gas sector. This is despite several failed attempts since 2008. The East African reports that the Ministry of Finance and Economic Affairs, during the financial year 2013/14, awarded ratings agency tenders to Fitch, Standard & Poors and Moodys. However, the companies declined the offer on the grounds that they were not ready to work…

Gas discoveries poised to tone up economy within 12 years

Posted on by The Editorial Team

Tanzania’s economy is projected to start accelerating at the rate of 15.3 per cent annually within the next 12 years, following massive off shore discovery of natural gas in the country, it was said in Dar es Salaam on Thursday. The Governor of the Bank of Tanzania (BoT), Prof Benno Ndulu, said the country’s current proven reserves stood at 55 trillion cubic feet (tcf), while construction of a liquefied natural gas (LNG) plant was scheduled…

Tourism overtakes gold in foreign exchange earnings in Tanzania

Posted on by The Editorial Team

According to the East African News, tourism has now overtaken gold to become the chief foreign exchange earner for Tanzania. USD 2.05bn in earnings was generated in tourism in the 12 months to January 2015. This was an increase of 8.47% from the US$1.89bn earned in the 12 months ending January 2014, overtaking gold as Tanzania’s leading foreign exchange earner. The Bank of Tanzania’s February Monthly Economic Review indicates that gold exports plunged from USD…

Tanzania’s current account deficit narrows 4.7 pct in year to Jan

Posted on by The Editorial Team

DAR ES SALAAM (Reuters) – Tanzania’s current account deficit narrowed 4.7 percent in the year to January, after exports of manufactured goods and tourism earnings increased, the central bank said on Monday. The deficit narrowed to $4.822 billion in the 12 months to January from $5.059 billion in the same period in 2014, the Bank of Tanzania said in its latest monthly economic report. “The improvement was mainly attributed to an increase in exports…

IMF puts Tanzania’s economic growth above 7 pct in 2014

Posted on by The Editorial Team

DAR ES SALAAM (Reuters) – Tanzania’s gross domestic product expanded by more than 7 percent in 2014, with falling oil prices expected to further buoy the economy this year, the International Monetary Fund said on Thursday. The IMF despite a strong growth outlook for 2015, the east African nation must keep a tight rein on public spending due to revenue collection shortfalls and a reduction in financial aid. Donors have withheld more than three-quarters of…

Tanzania to get $380 mln loans from India for water projects

Posted on by The Editorial Team

DAR ES SALAAM (Reuters) – Tanzania will receive a total of $380 million in loans from India to finance two major water projects in the east African nation, the president’s office said on Tuesday. India’s government has offered $100 million to improve water supply in the commercial capital Dar es Salaam and $280 million to help supply water from Lake Victoria to Tabora, Nzega and Igunga towns, the presidency said in a statement. Earlier this…

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