In a recent update on Tanzania's economic indicators, Minister of Planning and Investment, Prof. Kitila Mkumbo, revealed significant developments in both government debt and foreign exchange reserves by March 2024.
Government Debt Surges to TZS 91.7 Trillion
As of March 2024, Tanzania's government debt has surged to TZS 91.7 trillion, marking a notable increase from TZS 77 trillion recorded during the same period in 2023. This represents a substantial rise of 19.1%, highlighting ongoing fiscal pressures amid economic policies and expenditure patterns.
Foreign Exchange Reserves Exceed USD 5.3 Billion
Simultaneously, Tanzania's foreign exchange reserves have strengthened, reaching USD 5,327.1 million by March 2024. This marks a positive uptick from USD 5,012.5 million reported in March 2022. The increase in reserves underscores Tanzania's improved capacity to manage external financial obligations and stabilize its economy amidst global economic uncertainties.
Meeting Economic Stability Goals
The surge in foreign exchange reserves now supports imports of goods and services for approximately 4.4 months, surpassing Tanzania's target of maintaining reserves sufficient for at least 4.0 months of imports. This achievement reflects the government's proactive measures in enhancing economic resilience and ensuring stability in international trade relations.
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