Sunday 28 May 2017
(Reuters (Eng) 05/26/17)
Uganda and Tanzania signed an agreement on their proposed $3.55 billion crude export pipeline on Friday, a key milestone for the project which is expected to start pumping Ugandan oil to international markets in three years. An official at Uganda's Ministry of Energy told Reuters the agreement covered terms on tax incentives for the project, implementation timelines, the size of the pipeline and local content levels. Adewale Fayemi, the manager for Uganda at Total, said the project will become "the longest electrically heated crude oil pipeline in the world". "It's a record," he told Reuters, adding it will open a new phase of economic development in the region when completed. The pipeline will be heated...
(Bloomberg 05/24/17)
Tanzanian President John Magufuli asked Mines Minister Sospeter Muhongo to resign after an audit of containers of mineral sands showed exports were understated. “I really like Prof. Muhongo and he is a friend of mine, but on this he needs to rethink and reassess without delay,” Magufuli said on Wednesday after receiving an audit of 277 containers seized at the port of Dar es Salaam in March. “I’d like him to resign.” An investigation initiated by Magufuli in March found the containers held as much as 15.5 metric tons of gold, instead of the 1.1 tons that had been declared, the president said said in a speech at state house broadcast live on state television. Magufuli also disbanded the Tanzania...
(Xinhuanet 05/24/17)
Entrepreneurs from East Africa on Tuesday called for increased investments in the power generation so as to develop a strong value-added manufacturing base in the region. Delegates participating in the second high-level East African Manufacturing Business Summit and Exhibition (EAMBS) held in Rwanda's capital city Kigali, said that heavy investments by both private and the public in the energy sector will enhance the production capacity of manufacturing industries in the region. Rwanda hosts the forum from May 23 to 25...
(The Citizen 05/23/17)
Dar es Salaam — Banks have been warned against increasing nonperforming loans (NPLs) above the acceptable threshold rate of 5 per cent. The warning has been sounded by the Bank of Tanzania (BoT). The ratio in the banking industry was 9.53 per cent in December 2016. BoT Banking Supervision director Kened Nyoni told BusinessWeek that measures had been taken to address the issue of NPLs. He said as part of the monitoring process, BoT had been conducting regular onsite and...
(Reuters (Eng) 05/22/17)
Countries in sub-Saharan Africa need to get their budgets in order, diversify their economies and look after their poorest people. If they do that, there is no reason why the region cannot have the strong growth needed to meet the aspirations of a young and growing population. That, at least, is the three-pillared prescription from the International Monetary Fund as expressed by one of its top Africa researchers, Celine Allard, in an official IMF blog post and podcast. Allard co-authored...
(Reuters (Eng) 05/19/17)
When rich countries wrote off billions of dollars of African debt in 2005, they hoped governments would think twice about borrowing again in costly foreign currencies. Over a decade later, most sub-Saharan African countries still rely on U.S. dollar-denominated debt to finance their economies. Some investors say this is sowing the seeds of future debt crises if local currencies devalue and make dollar debt repayments more expensive. Aside from South Africa and Nigeria, governments have not yet done enough to...
(The Citizen 05/18/17)
The Deputy Director of the International Monetary Fund, Mr Tao Zhang, yesterday detailed how Tanzania can achieve its long desired goal of becoming a middle-income economy by 2025. Delivering a public speech at the Bank of Tanzania Conference Hall in the city Mr Tao, who is currently vising the country, said increasing investments in the infrastructure development, strengthening the role of the private sector and creating inclusive growth through better access to education, health and finance as some of the...
(Tanzania Daily News 05/18/17)
Dodoma — The Ministry of Industry, Trade and Investment has doubled development budget in the 2017/18 financial year, pushing the country's industrialisation drive further. The ministry, yesterday, asked Parliament to endorse a proposed budget of 122 billion/- for the next financial year, out of which 80bn/- will be set for development projects and the remaining 42bn/- for recurrent budget. In the current financial year, the development budget stands at 40bn/- and 41.8bn/- was for recurrent budget. Comparatively, the recurrent budget...
(Bloomberg 05/18/17)
Steinhoff International Holdings NV plans to list its African assets separately as the acquisitive retailer seeks a new prize for shareholders following this year’s failed merger talks with Shoprite Holdings Ltd. The company said Wednesday it will seek to list businesses including clothing retailer Pepkor and furniture chain JD Group Ltd. on the Johannesburg Stock Exchange, about 18 months after moving its primary listing to Frankfurt from the South African commercial hub. The new business could be worth as much...
(Bloomberg 05/16/17)
When the impoverished West African nation of Niger imposed a ban on donkey exports last year, a small community of traders just over the border in Nigeria was devastated. “Before the ban, you could see thousands of donkeys here,” said Mohammed Sani, a 45-year-old trader in the Nigerian town of Jibiya, as he wiped the sweat off his brow. “Now look at them: there’s no more than 50, crippling the business.” Donkeys are being slaughtered at an alarming pace to...
(Bloomberg 05/10/17)
Tanzania’s focus on more efficient expenditure, while good in the long run, has slowed expansion in one of Africa’s fastest-growing economies this year, according to the International Monetary Fund. Even as President John Magufuli’s government reduced its recurrent expenditure “very sharply,” affecting large sections of the economy that are traditionally reliant on public spending, it also failed to roll out capital projects fast enough to counter the slowdown, said Bhaswar Mukhopadhyay, the IMF’s country representative. Since assuming office in late...
(Reuters (Eng) 05/10/17)
Tanzania's president John Magufuli said his government will enforce a new rule requiring mining firms to list on its bourse by August as part of measures aimed at increasing transparency and spreading wealth from the country's natural resources.Major foreign-owned mining companies in Tanzania that will be affected by the requirement to list on the Dar es Salaam Stock Exchange include Acacia Mining Plc, AngloGold Ashanti and Petra Diamonds. "By listing these companies on the stock exchange, we will be able to monitor how much (revenue) they actually get," Magufuli said in a television program aired by local stations late on Tuesday.
(Tanzania Daily News 05/09/17)
Trade and investment opportunities as well as regional and international co-operation will feature high on the agenda during visit by South African President Jacob Zuma who is expected in the country tomorrow for a three-day state visit on the invitation of President John Magufuli. Minister for Foreign Affairs and East African Co-operation, Dr Augustine Mahiga, told a news conference in the city yesterday that the South African leader’s delegation will include six ministers and 80 businesspersons. The visit by President...
(Tanzania Daily News 05/09/17)
In a move to establish sustainable inclusive economic growth in the country, in his second year in office, President John Pombe Magufuli (JPM) is making great strides in addressing the rising concerns around youth unemployment in Tanzania. Realising that unemployment is a global pandemic, the fifth phase government under his government has opted for the Industrialisation as an agenda with the main aim of creating jobs which will then improve household incomes, and try to lift a substantial portion of...
(Tanzania Daily News 05/05/17)
Arusha — The Prime Minister, Mr Kassim Majaliwa, has said that the government was planning to construct world class roads in all major cities including flyovers. He said that the government will start constructing flyovers in Arusha, as a tourist hub and then proceed to Mwanza and Dar es Salaam. The Premier made the statement while addressing hundreds of residents at Tengeru Township, shortly after inspecting the ongoing road works for the ambitious motorway which forms part of the even...
(The Citizen 05/05/17)
Members of Parliament have called on the government not to forget the Community Development Department, which too is very important. The call was made by MPs as they debated the 2017/18 budget estimates for the Ministry of Health, Community Development, Gender, Elderly and Children from Wednesday evening to yesterday noting that the department was being overshadowed after it was placed under a vast ministry. Ms Martha Umbula (Special Seats-CCM) advised that the department should be moved from the ministry. "I...
(The Citizen 05/05/17)
Employees in insurance and financial services are the best paid in Tanzania, followed by those in the mining and quarrying industry, a new report indicates. On the other hand, the 'Formal Sector Employment and Earnings Survey' findings published by the National Bureau of Statistics, employees in the accommodation and food services industry are the least paid, followed by workers in the agriculture, forestry and fishing industry and those employed in the manufacturing industry. "Financial and insurance activities had the largest...
(Tanzania Daily News 05/05/17)
Dodoma — Dodoma Airport has opened a 24-hour domestic and international flights operation, just months after embarking on a 12 billion/- renovation plan - putting the capital into new hotspot for the aviation industry. Works, Transport and Communication Minister, Prof Makame Mbarawa announced yesterday shortly after inspecting installation of airfield ground lighting (AGL), commissioned by the Tanzania Airports Authority (TAA) and implemented through a Chinese firm - Shanghai Chiko Solar Technology Company Limited. "Effective from now, Dodoma Airport can accommodate...
(Voice of America 05/05/17)
As Africa grapples with a severe drought, and famine threatens millions of people, experts at the World Economic Forum on Africa this week in the South African city of Durban say food security needs to be a major part of discussions on advancing the continent economically. The annual World Economic Forum in Switzerland is usually a high-powered event, but at this week’s Africa meeting of the international organization, the continent’s big players are welcoming the humble farmer, now known as...
(Xinhuanet 05/04/17)
Tanzania is determined to transform the northern safari capital of Arusha into Africa's gemstone powerhouse, a senior official said Wednesday. James Mdoe, Tanzania's deputy permanent secretary from the Ministry of Energy and Minerals, made the pledge in Arusha during the official opening of a three-day Arusha Gemstones Fair (AGF), which attracted hundreds of gemstone exhibitors from the East, Central and Southern Africa. The official said that Tanzanian government was committed to removing all obstacles that have proven to hinder mineral...

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