Africa News Business News News

Tanzania debt grows by $5b in 12 months

Tanzania’s national debt stood at $36.08 billion by the end of November last year, up $5.34 billion year-on-year from November 2020, according to latest figures published by the central bank.

External debt closed at $27.95 billion, a $215.8 million drop from October which the Bank of Tanzania attributed to debt servicing payments outweighing disbursements during the month. But the debt was still higher by $4.12 billion compared with November 2020.

The figures were released against the backdrop of disparaging remarks over Tanzania’s rising debt by the then National Assembly Speaker Job Ndugai, triggering a political backlash that led to his subsequent resignation.

Read aAlso: http://www.punchlineafricatv.com/2022/01/06/tanzania-speaker-job-ndugai-resigns-after-countrys-borrowing-remarks/

According to BoT, debt service payments in November amounted to $171.4 million, of which $114.2 million was in the form of principal repayments and the rest representing interest.

Largest share

The government continued to dominate the external debt by borrower category, accounting for 73.4 percent, with debt to multilateral institutions accounting for the largest share (44.1 percent) followed by commercial creditors (34 percent).

By: https://www.theeastafrican.co.ke/

Related posts

Raila Odinga vows to jail corrupt leaders if elected President

admin

Interior CS Fred Matiang’i calls for peace in Nyamira, Narok, Bomet counties

admin

Road projects to be completed on time, CS Macharia says

admin

Leave a Comment