Dar es Salaam. The World Bank has commended Tanzania for its prudent economic management, describing it as a model nation in Africa despite the global economic turbulence.
The praise was delivered by the World Bank’s new Vice President for Eastern and Southern Africa, Dr Ndiamé Diop, during a meeting with the Tanzanian delegation led by the minister for Finance, Dr Mwigulu Nchemba, over the weekend on the sidelines of the Spring Meetings of the International Monetary Fund (IMF) and the World Bank in Washington.
Dr Diop noted that Tanzania had emerged as a leading example in the management of economic and financial policies. He said despite the challenges posed by the Covid-19 pandemic and political unrest in various parts of the world, the Bank’s assessment shows that Tanzania’s economy remains resilient compared to many other African countries.
He also lauded the government’s initiatives to counter the impact of global policy shifts, particularly those resulting in reduced aid and withdrawal of funding for various projects, including in the health sector.
Dr Diop commended Tanzania for mobilising domestic resources to sustain such projects.
Moreover, he praised the strong partnership between Tanzania and the World Bank and pledged continued support for the country’s economic and poverty reduction efforts.
He said the Bank would provide financial and technical assistance to help Tanzania implement key economic and social development projects and to stimulate economic growth.
For his part, Dr Nchemba expressed appreciation for the World Bank’s continued support, describing the institution as a significant development partner for Tanzania.
He informed Dr Diop, who succeeds Ms Victoria Kwakwa, that the country’s sound economic management stems from the leadership and vision of President Dr Samia Suluhu Hassan, who has prioritised investment in productive sectors, social development, and infrastructure critical for economic growth.
Dr Nchemba added that the government is committed to maintaining sound economic and financial policies, while actively involving the private sector to drive economic development.
He emphasised that Tanzania is focused on navigating the challenges arising from global policy shifts, which have adversely affected many African nations.
World Bank investments in Tanzania’s economic and social development projects currently stand at $10.9 billion, supporting 38 projects across sectors such as health, water, education, energy, road infrastructure, market construction, and climate change mitigation.
