M a r k e t N e w s

Norway to give Tanzania $10.5m grant as budget support

Posted on : Tuesday , 18th July 2017

 The government of Norway will give Tanzania a grant of $10.5 million as budget support to boost the countries revenue over the next three years.Norway Foreign Minister Borge Brende announced this on Saturday in Dar es Salaam, when he met with Tanzanian Finance and Planning Minister Philip Mpango.

Norway was impressed by President John Magufuli’s drive to end corruption and increase domestic revenues, Brende said.
“A lot of countries have developed by commiting to good governance to end corruption and increase domestic revenues.”
Tanzania should ensure its tax revenues are reliable and consistent to be able to finance its development projects, he added. Currently, Tanzania’s revenues are impressive and expected to contribute at least 40 percent of the GDP by June 2017, according to Brende.
Meanwhile, Finance Minister Mpango said tax revenues have increased from $376.2 million (Sh 850 billion) monthly in 2015 to $531.1 million (Sh1.2 trillion) every month, this year. This is a far cry from $231.9million (Sh 524.9billion) in 2012, he added.
“This is a great achievement for Tanzania Revenue Authority (TRA) because they have been able to attain the 4th corporate plan.”
Mpango went on to call on Norway to help Tanzania succeed in its oil and gas projects. He said Norway started its oil projects at a lower level before emerging giants of the industry, and their expertise would go a long way to help Tanzania.
Norway’s commitment to accountability led the north European nation to establish a National Wealth Fund for current and future generations, and Tanzania is also in the process of putting such a fund in place, according to Mpango.

Source : http://journalducameroun.com
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