On 12th June 2014, Tanzania’s Minister for Finance Hon Saada Mkuya Salum introduced to the national assembly, the estimates of government revenue and expenditure for the fiscal year 2014/2015.
According to her speech the macroeconomic objectives and targets for the financial year (FY) 2014/15 are as follow:
- Reach Real GDP grow of 7.2% in 2014;
- Maintain Single digit annual inflation rate of around 6.0% in 2014 and 5.0% in 2015;
- Increase domestic revenue to 18.9% of GDP in 2014/15;
- Maintain budget deficit after grants not exceeding 4.9% of GDP in 2014/15;
- Contain the growth of extended broad money supply (M3) at 15.5% in June 2015;
- Accumulate gross official reserves adequate to cover at least 4 months of imports of goods and services by June 2015;
- Strengthen the Tanzania shilling and maintain a stable and market determined exchange rate.
In order to achieve these objectives and targets, the Tanzanian Government will among other things, increase domestic revenues, by identifying new potential sources of revenue and reducing current tax exemptions.
At the same time the country will continue strengthening Regional Integration in the East African Community (EAC) and Southern African Development Community (SADC).
The Business and investment environment will also be improved, including addressing barriers to the implementation of the Public Private Partnership (PPP) law to attract private sector participation in the economy.
Follow the link to read the Tanzania Budget 2014/2015 speech in full: http://tanzaniainvest.com/downloads/Tanzania-Budget-speech-2014.pdf
