DR. NCHEMBA LAUNCHES TANZANIA'S ECONOMIC PERFORMANCE REPORT - ECONOMY CONTINUES TO SOAR

The Minister for Finance, Hon. Dr. Mwigulu Lameck Nchemba, has officially launched the 2024 Economic Performance Review Report for Tanzania, prepared by the African Development Bank (AfDB). The report, themed "Driving Tanzania’s Transformation - The Reform of the Global Financial Architecture," highlights significant economic and social progress in Tanzania.

Dr. Nchemba, who is leading Tanzania's delegation to the African Caucus Meetings of the World Bank and the International Monetary Fund (IMF) in Abuja, inaugurated the report via a virtual event. The report indicates that Tanzania has made substantial strides in economic growth and stands out among East African countries despite global challenges such as COVID-19 impacts, climate change, and ongoing conflicts worldwide.

Dr. Nchemba emphasized that Tanzania will continue to strengthen its economy through its Third National Five-Year Development Plan (FYDP III), which aims to build a robust, inclusive, and competitive economy. This will be achieved through productive sectors including agriculture, industrial production, value addition, investment, trade, and job creation, particularly for the youth.

He urged international financial institutions, including the African Development Bank (AfDB), to provide accessible and affordable financing to enable African countries to sustainably implement their development plans. 

Dr. Nchemba pointed out that one of the major hindrances to development in African countries, including Tanzania, is the impact of climate change. Tanzania requires USD 6.3 billion annually to address immediate climate change effects and related weather changes.

The AfDB's report on Tanzania's economic performance shows that the economy has continued to strengthen, with growth expected to rise from 5.1% in 2023 to 5.7% in 2024, and reaching 6% in 2025. Tanzania has also been praised for successfully controlling inflation, maintaining it below 3.3% due to the effective economic policies implemented by the Sixth Administration.

The report identifies key sectors contributing to this economic growth, including finance, services, agriculture, improved investment climate, trade, and mining. The African Development Bank has advised Tanzania to continue managing its monetary and economic policies well, investing more in productive sectors, agriculture, energy, improving investment climate, and addressing climate change impacts.

The launch event of Tanzania's Economic Performance Report was also attended by the Permanent Secretary of the Ministry of Finance, Dr. Natu El-maamry Mwamba, senior leaders of the African Development Bank, AfDB, economic analysts from within and outside the country, and presenters.