The Ministry of Finance and Planning has revealed its key priorities for the upcoming 2023/2024 financial year, including the objective of collecting 40.8 trillion Tanzanian shillings to finance the implementation of the next national budget.
However, the government's estimated expenditure for the 2023/2024 budget stands at 43.3 trillion Tanzanian shillings.
Presenting the spending plan of 15.94 trillion Tanzanian shillings for the Ministry in the 2023/2024 financial year, Dr. Mwigulu Nchemba, the Minister in charge of the ministry, stated that out of these funds, a total of 10.48 trillion Tanzanian shillings will be allocated to service the government debt.
"During the 2022/23 financial year, 9.1 trillion Tanzanian shillings were allocated for servicing the government debt, and as of April 2023, the ministry had already paid a total of 7.4 trillion Tanzanian shillings, with 4.4 trillion Tanzanian shillings being internal debt and 3 trillion Tanzanian shillings being external debt," Dr. Nchemba explained.
He further highlighted that the Ministry remains committed to overseeing the government budget in compliance with the Government Loans, Guarantees, and Grants Act, Chapter 134.
"To ensure proper control of the government debt, an evaluation was conducted to assess the sustainability of the government debt over the next 20 years, spanning from 2022/2023 to 2041/2042," added Dr. Nchemba.
The Ministry of Finance and Planning's outlined priorities for the 2023/2024 financial year demonstrate a concerted effort to manage the government debt effectively while aligning the budget with long-term sustainability goals.