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MINISTRY of Finance and Planning plans to spend 14.94tri/- in development and recurrent expenditures during the 2022/23 fiscal year as the government outlined key priorities that will be implemented by the ministry, among them, strengthening institutional capacity of all departments and institutions under the ministry.
Tabling the ministry’s budget in the august House on Tuesday, the Minister for Finance and Planning, Dr Mwigulu Nchemba said during the next financial year, the Bank of Tanzania (BoT) plans to increase growth of money supply, easing monetary policy and ensuring that there is extended broad money supply (M3) in order to meet the demands of economic growth.
According to him, the ministry plans to collect 1.05tri/- in returns from different sources, including dividends, withholding tax, loans repayment, contributions from Public Entities and brokerage licenses sales.
In efforts to reduce shortage of sugar and edible oil in the country, Dr Nchemba said during the 2022/23 financial year, the Tanzania Agricultural Development Bank (TADB) expects to provide 78bn/- in loans for the industrial sector, especially sugar and oil industries in Kigoma, Shinyanga and Manyara regions.
“The bank also plans to provide loans amounting to 130bn/- for purchasing cotton and coffee,” said the minister.
The Tanzania Investment Bank (TIB), according to the finance and planning minister, expects in the next financial year to provide loans amounting to 47bn/- in the energy, water, industrial, mineral, water, fuel and gas as well as tourism services.
The Tanzania Commercial Bank (TCB), according to Dr Nchemba plans apart from other things to provide secure loans amounting to 709bn/- On insurance, the minister said during the next financial year, the Tanzania Insurance Regulatory Authority (TIRA) which is under the ministry plans to make inspections on 30 insurance companies, 278 agents of different banks as well as providing education on insurance to about 1.5 million people countrywide.
The UTT Asset Management and Investor Service (UTT AMIS) in 2022/23 plans to among other things increase funding resources by 15per percent, increase the number of investors by 5percent, as well as intensifying awareness campaign to government institutions, pension funds and SACCOS to register with UTT AMIS.
“Also, the SELF Microfinance Fund is expected to provide concessional loans totaling 43.5bn/- to about 28,255 entrepreneurs as well as ensuring that loan repayment is increasing by 95percent as well as providing training to 4,000 entrepreneurship groups,” he added.
During the 2022/23 fiscal year, the Public Procurement Regulatory Authority (PPRA) expects to construct its offices in the country’s headquarters, Dodoma as well as a zonal office in Dar es Salaam as well as providing training to 940 staff from 170 different procurement entities. The house endorsed the ministry’s budget.
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