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.
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.
The budget committee of the parliament expressed satisfaction with the government’s debt-paying schedule. Omari Mohamed Kigua, deputy chairman of the committee, stated, “We, however, advise the government to ensure that all the loans it acquires are spent on development projects.”
