Interviewed economists yesterday warned against arbitrary ‘absorption’ of misleading financial guidance by international institutions which push to the bottom of the list of highly indebted countries index.
Until December, 2016, Tanzania’s national debt stock stood at US dollars 19,021 million, equivalent to a 3 per cent increase in June of the same year, which was US dollars 18,459.3 million. This combines both local and foreign debt.
Unfortunately, only a third of donor funds for development projects requested for this financial year has been disbursed, a situation leading to uncertainties in government financing of the projects.
President John Magufuli was recently quoted as saying that last month the government paid Sh955billion as part of debt servicing while the average monthly collection ranges between Sh1.2trillion and Sh1.3trillion.
This indicates that the govt spends nearly 80 per cent of its total monthly revenue collections to pay debts, a situation that caught the attention of the interviewed economists.
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