Tanzania plans to borrow at least Tsh5.4 trillion ($2.34 billion) from foreign sources to finance its proposed 2022/2023 budget of Tsh39.38 trillion ($17.1 billion).
According to Finance minister Mwigulu Nchemba, 7.7 percent (Tsh3.04 trillion, $1.32 billion) of next financial year's budget will be funded through direct concessional loans and grants from development partners under the traditional general budget support arrangement. Another Tsh2.4 trillion ($1.04 billion) is expected to come from project-specific commercial loans from international lenders, Nchemba said Wednesday while presenting the 2022/2023 budget proposals to parliament in Dodoma.
