Tanzania to spend $3b to service debts: Finance minister

Wednesday June 08 2022

Tanzania's Minister of Finance and Planning Mwigulu Nchemba. PHOTO | THE CITIZEN | NMG


The Tanzanian government is planning to spend Tsh9.09 trillion ($3.9 billion) on debt servicing during the financial year 2022/23, Finance and Planning Minister Mwigulu Nchemba has said.

The amount is part of the Tsh14.94 trillion ($6.4 billion) that he requested Parliament to endorse for his ministry’s budget for the next financial year that is set to kick off on July 1, he said on Tuesday.

Dr Nchemba told Parliament that out of the Tsh14.94 trillion ($6.4 billion), about Tsh13.62 trillion ($5.8 billion) is meant for recurrent expenditures, with the rest being channelled into development projects.