EA economies grapple with dollar shortage as forex reserves dip
Kenya’s President William Ruto (left) during a meeting with Tanzania's Samia Suluhu. The Tanzanian leader this week broached a subject that has been uncomfortable for East African state economists and government officials – shortage of dollars. PHOTO | PSCU
This week, Tanzania President Samia Suluhu broached a subject that has been uncomfortable for East African state economists and government officials – shortage of dollars.
In her bid to calm jitters in Tanzania that the economy was suffering hard hits from drought, inflation, rising debt and a potential weakening of the local currency, President Samia on Wednesday said: “Don’t be cheated, the Tanzanian economy is better than our neighbours. We have foreign currency reserves to last four months (of import cover) but if you go to our neighbours, they don’t even have reserves to last a week. We are getting requests to guarantee their fuel imports.”
